U.K.-based insurer GBGI Ltd.'s pending acquisition by Elm Bidco LP has received nearly unanimous shareholder approval.

Elm Bidco LP is controlled by affiliates of New York-based employee-owned private equity firm Further Global Capital Management LP. The planned acquisition was announced in November and is valued at about $131.8 million.

The deal's completion is still subject to conditions relating to the Guernsey Financial Services Commission and the Netherlands Autoriteit Financiële Markten, and the court hearing for the scheme document. The court hearing is expected to happen in the first quarter of 2019.