SG Fleet Group (ASX:SGF) said the Supreme Court of New South Wales approved the proposed scheme of arrangement under which Westmann Bidco will acquire the company, according to a Tuesday filing with the Australian bourse.
Westmann Bidco is an entity owned and controlled by funds managed or advised by Pacific Equity Partners, per the filing.
Court orders are expected to be lodged with the Australian Securities and Investments Commission on Wednesday. The scheme is set to become legally effective on the same day.
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