Alcon Inc. said Thursday its shareholders approved the sale of the company to Novartis AG, moving the overall $51 billion deal closer to closing.
Alcon shareholders will receive 2.9228 Novartis shares or American Depositary Shares plus a cash payment of $8.20 for each Alcon share.
Novartis shareholders will vote on the deal Friday.
The buyout boosts Novartis' eye care division. Novartis has said it expects the combination of Alcon and its own eye-care division would produce annual cost savings of $300 million.