SYDNEY (Reuters) -Australia's Sigma Healthcare ( SIGGF ) shareholders approved in a vote on Wednesday a merger with Chemist Warehouse to create an A$8.8 billion ($5.50 billion) pharmacy and retailing giant.

More than 99% of proxy shareholders voted in favour of the deal, according to a company presentation made at the meeting in Melbourne. The final result will be made public later Wednesday.

The outcome of the vote easily surpasses the regulatory requirement that at least 75% total number votes cast need to be in favour for the deal to proceed.

The decision ends more than a year of deliberations between Sigma, Chemist Warehouse and regulators, which had raised antitrust concerns before giving the green light for the transaction in early November.

Sigma will pay the privately held Chemist Warehouse shareholders A$700 million in cash as well as stock to facilitate what would effectively be a backdoor listing of the company on the Australian Securities Exchange (ASX).

Chemist Warehouse had long been touted as a candidate for an initial public offering (IPO) but the Sigma transaction allowed it to skirt that process at a time when financial markets were volatile.

Chemist Warehouse will own 85.8% of the merged company that will supply 1,200 Sigma-aligned pharmacies and own more than 658 Chemist Warehouse outlets, according to regulatory filings. Chemist Warehouse's founders will control 14.25% of the merged company, the deal's documents showed.

Chemist Warehouse is a pharmacy and retail chain in Australia known for cheap prices, large stores and major advertising campaigns.

The chain on Tuesday said its first half 2025 sales reached A$5.15 billion, up 13% on the same time last year. Its earnings before interest and tax (EBIT) rose 35% to A$438 million in the half, filings showed.