Blue Nile Inc. shareholders approved the company's proposed acquisition by an investor group in a special meeting held Feb. 2.

A total of 8,842,518 shares voted in favor of the sale, with 570,745 shares voting against the deal and 8,339 abstentions, the online jeweler said in a Form 8-K filing.

The investor group, composed of funds managed by Bain Capital Private Equity LP and Bow Street LLC, agreed to acquire Blue Nile for about $500 million in cash. Under the agreement, Blue Nile will be merged with BC Cyan Acquisition Inc. to become a unit of Bain Capital's BC Cyan Parent Inc. The merger remains subject to certain customary closing conditions and is expected to be completed in the second half of February.

A Blue Nile shareholder has filed a lawsuit claiming that the company's board breached their fiduciary duties in relation to the deal. The board denied the allegations.