Shareholders in West Australian Newspapers Holdings (ASX:WAN) have approved the $4 billion acquisition of Seven Media Group from Seven Group Holdings (ASX:SVW).
Investors holding 49.7 million votes approved the acquisition, while 29.7 million shares were voted against the deal.
The deal will see West Australian Newspapers combine with Seven Media Group to become Seven West Media, which it has said will be Australia's largest publicly-listed media company.
On Friday, the ACCC said it will not oppose the proposed acquisition.
West Australian Newspapers now expects to complete the steps needed to create the entity by April 21.
Under the terms of the transaction, West Australian Newspapers will issue just over $1 billion worth of shares at $5.99 per share, as well as $250 million in convertible preference shares, to Seven Group.
It will also assume $2.1 billion in Seven Media Group debt and repay a $650 million loan owed by Seven Media to its parent.
After the transactions are complete, Seven Media will hold a 29.6% stake in the combined company, as well as the convertible preference shares.
Seven Group CEO Peter Gammell said Seven West Media “is an important investment” for the company.
“Combined with our investments in Consolidated Media and 4G broadband group vividwireless and our expanding WesTrac business, we are well-placed for future growth,” he said.
WAN shares fell 1.31% on Monday to $5.290, while SVW shares grew 0.76% to $9.290.
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