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.

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.