WABCO Holdings‘ shareholders have approved the company’s acquisition by ZF Friedrichshafen AG (ZF).

Under the agreement, ZF will acquire all outstanding shares of WABCO for $136.50 per share in an all-cash transaction for an equity value of over $7 billion.

“We are very pleased that WABCO’s shareholders have supported our merger plans recognizing that the ZF transaction offers a compelling strategic fit to advance the requirements of our industry, while also providing certainty of value and liquidity for our shareholders,” Jacques Esculier, chairman and chief executive officer of WABCO, said.

The proposed merger remains subject to further customary closing conditions and regulatory approvals. ZF and WABCO expect to close the transaction in early 2020.