Merrill Lynch & Co., Inc. announced that its shareholders have approved the brokerage giant’s acquisition by Bank of America.

The acquisition of Merrill Lynch was approved Fridayat its special stockholders meeting along with two other related proposals. Under the terms of the transaction, which was announced on September 15, Merrill Lynch stockholders will receive 0.8595 of a share of Bank of America common stock for each share of Merrill common stock held immediately prior to the merger.

Merrill Lynch will become a wholly owned subsidiary of Bank of America. The acquisition is expected to close by the end of the year, pending the receipt of regulatory approvals and the satisfaction of other customary closing conditions.

“By approving this transaction, Merrill Lynch stockholders expressed confidence that the combination of our firm and Bank of America will create one of the most powerful financial institutions in the world, with unmatched capabilities and service,” said, John Thain, chairman and CEO of Merrill Lynch. “This combination will create great value for our stockholders and clients around the world.”

IE