MUMBAI: The shareholders of the US radio broadcaster Clear Channel Communications Inc have approved the $17.9 billion takeover of the company by private equity funds Bain Capital Partners LLC and Thomas H Lee Partners LP.

As per Clear Channel, approximately 97 per cent of the shares, voted at a special shareholders meeting on 24 July, were cast in favour of the deal.

This will end a 20-month effort as the merger agreement of Clear Channel with the Bain/Lee group was first drafted in November 2006. Now, the parties are planning the $36-a-share buyout on 30 July.