Shareholders of Uranium One Inc. have approved a plan for Russia's ARMZ Uranium Holding Co to acquire 100% stake in the company.

Under the terms of an agreement signed in January 2013, ARMZ is set to acquire all of the common shares of Uranium One Inc. for CDN$2.86 per share, raising around $1.3 billion.

Some 86% of the minority shareholders approved the transaction at a special meeting help on 7 March, Uranium One announced in a statement.

ARMZ currently holds a 51% stake in Uranium One, which has projects in Kazakhstan, the United States, Australia and Tanzania.

Uranium One said that it expects to complete the transaction in the second quarter of 2013, although this is subject to approval by Supreme Court of Ontario, Canada, as well as by regulatory authorities of Russia, Kazakhstan, USA and Australia.