Piedmont Natural Gas shareholders on Friday voted to approve the natural gas distributor’s acquisition by Duke Energy (NYSE: DUK).
The proposal was approved by 66.8 percent of the company’s voting shareholders.
Both companies filed a request for approval of the acquisition with the North Carolina Utilities Commission Jan. 15 in addition to asking the Tennessee Regulatory Authority to transfer Piedmont’s operating license.
The Federal Trade Commission has already granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act.
Duke announced in October 2015 the company's plan to purchase Piedmont for $4.9 billion cash. The transaction is expected to close by the end of 2016.