AO World’s proposed takeover of Mobile Phones Direct has been given the green light by shareholders.
Shareholders at the mobile phone retailer’s AGM today backed the deal by a whopping 99.9 per cent.
The £38.1 million acquisition, more than the £32.5 million figure reported earlier this month when the takeover was first revealed, still needs to be approved by the Financial Conduct Authority (FCA) before it can be completed.
Mobiles Phones Direct received around 13.6 million visitors last year, while generating £121.7 million in sales for the year to March 31.
“This deal represents a significant step forward in our strategy of developing our growing range of online electricals and adding new complementary categories that customers want and expect from AO,” chief executive Steve Caunce said earlier this month.
“Mobile Phones Direct already has a leading position within the UK online mobile phone market and is a business which is highly complementary to AO.
“In coming together, AO will achieve instant scale and be well-placed for future opportunities within a highly attractive and growing UK mobile phone market.”