Shareholders have approved Brookfield’s plan to combine Brookfield Corp and Bermudian-based Brookfield Wealth Solutions under a single publicly-traded parent company.

Both companies got the needed backing at their annual and special shareholder meetings on Thursday, clearing another hurdle for the corporate simplification first announced in May.

Among Brookfield Wealth Solutions’ class A shareholders, 43.2 million votes, or 93.53 per cent, were cast in favour of the transaction. About three million votes, or 6.47 per cent, were cast against it.

The company’s class B and class C shareholders unanimously approved the proposal, according to voting results filed with the United States Securities and Exchange Commission.

Brookfield Corp separately announced that its shareholders had also approved the transaction.

Once the combination is completed, Brookfield Wealth Solutions will be delisted from the New York and Toronto stock exchanges.

A newly-created company, Brookfield Corp Ltd, will become the parent of the combined group and will trade on both exchanges under Brookfield’s existing BN symbol.

The transaction will exchange shares in Brookfield Corp and Brookfield Wealth Solutions for shares in the new parent company on a one-for-one basis.

Brookfield Wealth Solutions, formerly known as Brookfield Reinsurance, has its head office at Ideation House on Pitts Bay Road. Its operations include retirement services, wealth protection and capital solutions.

Brookfield has been increasing its physical presence in Bermuda, including through the nine-storey Brookfield House, under construction on Front Street.

The combination will bring Brookfield’s investment, insurance and wealth businesses under a simpler structure. Bruce Flatt, chief executive, previously said it would give the insurance operation access to an additional $145 billion of permanent capital.

Completion remains subject to customary conditions and applicable regulatory approvals. Brookfield continues to expect the transaction to close by the end of the year.