Massmart shareholders voted to approve Walmart's offer to purchase a 51 percent controlling stake in the South African retailer for $2.39 billion. More than 97 percent of stockholders present at the vote on Monday approved the deal.
The deal is pending approval from the South African courts and the Competition authorities. Walmart announced its intent to acquire the retailer in November 2010. Massmart operates 288 stores in 14 countries in sub-Saharan Africa.
"The due diligence effort we have conducted has underlined our confidence that this is a compelling combination that will create significant value for both companies, and we look forward to participating in the regulatory process to complete this acquisition," says Andy Bond, executive vice president with responsibility for Walmart's operations in the region, including the U.K. and Africa. "Importantly, we believe bringing Massmart and Walmart together will offer substantial benefits to Massmart customers, employees and shareholders, and will unlock new growth opportunities ahead."