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Univision Communications

( UVN) shareholders approved the Spanish-language media company's $12.3 billion sale to a private investor group.

The company said Wednesday that the buyout was approved by more than 80% of the shares that voted, which constituted about 60% of the shares outstanding.

The deal is expected to close in the spring of 2007.

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Private equity firms Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group and Thomas H. Lee Partners, as well as Egyptian-born media tycoon Haim Saban, agreed to acquire Univision in June for $36.25 a share plus the assumption of $1.4 billion in debt.

The deal raised the ire of several investors, including Mexican programmer


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, which had launched its own bid for the company.