Shareholders in the Worldspreads Group have given the green light to a deal to sell its profitable Irish subsidiary to a consortium led by local management.
An extraordinary general meeting held in Dublin this morning formally approved the sale following an agreement last month by Worldspreads Group.
The consortium includes co-founder and chief operations officer Brian O'Neill and Dublin-based Merrion Capital, which has a 40 per cent stake.
Worldspreads Ireland will be sold for an estimated €11.3 million.
Mr O'Neill said the consortium was delighed that the shareholders had approved the deal.
The sale is still subject to regulatory approval.
The company, which was founded in Dublin in 2000 by chief executive Conor Foley and Mr O'Neill, is listed on both the Irish and London stock exchanges.
The Dublin operation focuses almost exclusively on the Irish market and employs around 20 people.
The London division, which has been regulated by Britain's Financial Services Authority since 2004, runs the business in both the UK and internationally, and accounts for the bulk of WorldSpreads' revenue.
Worldspreads previously said the sale would "considerably strengthen" the group's balance sheet and financial position, and give it extra resources to expand in markets with a higher margin.
WorldSpreads has operations in 12 other countries across Europe, including Russia, and also in Malaysia and South Africa. About 40 employees are based in London.