Tesco and Booker shareholders have voted overwhelmingly in favour of the merger of the two companies, which is now set to complete on 5 March.

At a meeting of Tesco shareholders on Thursday, 85.22% of votes cast backed the deal – easily surpassing the required 50% threshold.

At a separate court meeting of Booker investors, 83.4% of votes cast approved the deal, exceeding the 75% voting threshold required to pass. At the following general meeting the requisite majority of shareholders voted to approve the deal. 

The deal was worth £3.7bn when it was first proposed in January 2017, but was valued at more than £3.9bn at Tuesday’s closing share prices.

The UK competition authorities have already cleared the deal, which is expected to complete on 5 March.