Hub International Ltd. says its shareholders today approved the proposed plan of arrangement that will see funds advised by Apax Partners, together with Morgan Stanley Principal Investments, acquire all of Hub’s common shares for US$41.50 per share in cash.

The plan of arrangement was approved by 92.7% of the votes cast by all shareholders at the meeting and by 91.9% of the votes cast by disinterested shareholders, which excludes members of management who have committed to make an investment in an affiliate of the entity that is acquiring Hub.

A hearing in respect of the final order on the plan of arrangement is scheduled for tomorrow, June 6, at 10:00 ET in the Ontario Superior Court of Justice. Subject to obtaining the final order and satisfaction of all conditions to closing, the plan of arrangement is expected to close on June 13.

Headquartered in Chicago, Hub International is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.