Electronic brokerage Instinet Group Inc. has announced that its shareholders have voted to approve a merger agreement with the Nasdaq Stock Market Inc.

The deal, made on April 22, will see Nasdaq acquire Instinet for a purchase price of about US$1.88 billion in cash. Nasdaq hopes the deal will give it a technologically superior trading platform and will generate savings in clearing costs and other corporate expenses.

Completion of the transaction is still subject to customary conditions, including regulatory approvals. Instinet expects the merger will be completed during the fourth quarter, with shareholders getting about US$5.10 per share in the deal.