Stobart Group expects to complete the sale of a majority stake in its transport and distribution business to DBay Advisors in the next ten days after shareholders voted for the deal.
The resolution at a general meeting on Monday 31st March received 272 million votes in favour with some 10m against.
A second resolution, to buy back up to 35.4m shares was also passed at the meeting.
Stobart, which now describes itself as an infrastructure and support services group, will retain a 49 per cent state in the transport and distribution business which will be renamed Eddie Stobart Logistics.
William Stobart will leave the Stobart group board to become CEO of Eddie Stobart Logistics. The business generated EBIT of £25.6 million on revenue of £475.7 million in the year ended 28 February 2013. The deal values the business at £280.8 million.
Mike Branigan, former managing director of TDG, is a partner at DBay Advisors.
Stobart Group’s ongoing business will be focused on its infrastructure and support services operations. It will retain the Eddie Stobart brand (there will be a licensing agreement with ESL), the biomass transport operations and the majority of the freehold properties used by the Transport and Distribution division.