Dye & Durham Ltd. says shareholders of Australian company Link Administration Holdings Ltd. have voted in favour of the company's proposed acquisition of Link Group.

Dye & Durham CEO Matthew Proud says the approval is a major step toward successfully completing what he called a transformative transaction.

The Toronto-based cloud software company has said the acquisition would expand its customer base in key U.K. and Australian markets and strengthen its business-to-business software and information service solutions.

Under the deal, Link Group shareholders will receive base consideration of A$4.81 per share.

The transaction is subject to court and regulatory approvals, including from the Australian Competition and Consumer Commission and the U.K. Financial Conduct Authority, and other customary closing conditions.

The Australian Competition and Consumer Commission said earlier this year that it had significant preliminary competition concerns with the deal.