CKE Restaurants Inc. said that its stockholders have approved the company’s acquisition by affiliates of New York private equity firm Apollo Management L.P.
The Carpinteria operator of the Carl’s Jr. fast-food chain said nearly all of the 76 percent of shares represented at a special meeting on Wednesday voted to approve the $694 million deal, which includes assumption of $309 million in debt.
The deal has been approved by U.S. anti-trust authorities and is expected to close after certain other conditions are met, the company said.
CKE operates or franchises 3,141 restaurants in 42 states, including the Hardee’s, La Salsa and Green Burrito chains.
Apollo Management specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring.
Shares were down 2 cents, or less than a percent, to $12.51 in midday trading on the New York Stock Exchange.