Infomedia (ASX:IFM) said its shareholders approved a scheme of arrangement for McQueen BidCo to acquire the company, according to a Tuesday Australian bourse filing.

McQueen BidCo is an entity owned by an investment holding entity in Singapore managed or advised by TPG Capital.

The company said 99.55% of the votes cast by its shareholders present and voting at the meeting were in favor of the scheme of arrangement.

The shareholders also approved the bidder loan via a special resolution, the company said. Under the scheme, Infomedia agreed to provide TPG a loan equal to the available excess cash on Infomedia's balance sheet to pay part of the cash consideration

The scheme remains subject to court approval at a hearing scheduled for Friday.