The acquisition required 50% shareholder approval and gained more than 95% approval in proxy votes and an "overwhelming" show of hands at the special shareholders meeting in Auckland.
Shares in Tourism Holdings were unchanged at 74c, following the announcement.
Tourism Holdings will acquire about 1000 more campervans from the purchase, but said in announcing the acquisition in early September that during the next two years it planned to reduce its then fleet of 2500 by almost 30% to 1800 to "rationalise" numbers.
While the acquisition equated to more than 50% of the Tourism Holdings' market capitalisation, it was well below its banking debt covenant ratios. Earlier this week it announced it had received bank credit approval to increase its bank facilities for the purchase, subject to shareholder approval.
The $69.5 million acquisition includes refinancing of $50.9 million debt, the issue of 12 million THL shares at 61.9c per share and cash of $3.2 million, plus a deferred payment of up to $8 million based on vehicle selling prices meeting expectations.
Tourism Holdings expects its forecast debt ratios to fall from 50% after the merger to 42% in the first year and 39% in the second year, as the planned fleet reduction programme progresses.
