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AO World shareholders approve takeover of Mobile Phones Direct

The company said of the shareholders who voted for the proposal at the annual general meeting on Thursday, 99.9% backed the deal
phones
The acquisition still needs FCA approval

AO World PLC’s (LON:AO) proposed £38.1mln acquisition of online mobile phone retailer Mobile Phones Direct Limited has been approved by shareholders.

The company said of the shareholders who voted for the proposal at the annual general meeting on Thursday, 99.9% backed the deal. The number of votes cast represented 68% of the group’s total issued share capital.  

READ: AO World slips as it acquires Mobile Phones Direct but says full year trading will be “more second half weighted”

The acquisition still needs approval by the Financial Conduct Authority.

AO World announced that it had agreed to buy Mobile Phones Direct earlier this month, saying it believes the business would improve its mobile offering, which is currently limited to handsets only.

Shares fell 2.1% to 122p in afternoon trading.

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