LONDON, September 26 — Shareholders of Pinewood Technologies have voted overwhelmingly in favour of a £545 million takeover by US private equity firm Ridgeview Partners, bringing the British automotive software company closer to leaving the London stock market.

At a shareholder meeting on Friday, 99.76% of the votes cast supported the transaction. Ridgeview is offering £4.48 in cash for each Pinewood share under terms recommended by the company’s board in August. The deal is expected to take effect on October 9.

Pinewood supplies cloud-based software to car dealerships and vehicle manufacturers. Its platform brings together functions including vehicle sales, customer management, repairs and accounting.

The shareholder vote follows an earlier, unsuccessful approach from another private equity firm. Apax Partners had considered an offer valuing Pinewood at 500 pence per share, above Ridgeview’s agreed price, but withdrew in February, citing challenging market conditions.

Pinewood’s shares have risen about 24% since the start of 2026. Its proposed move into private ownership also adds to a series of bids for London-listed companies by investment firms seeking acquisitions in the UK market.

With shareholder approval secured, the transaction is now moving towards its expected October completion date.