The Supreme Court of NSW today gave its approval for Johns Lyng Group’s takeover by Pacific Equity Partners, after the building company’s shareholders last week backed the move.

Following the ruling, Johns Lyng said the implementation date for the deal is expected to be October 23.

More than 99% of shareholder votes cast approved the deal, which represents equity of about $1.1 billion or $4 cash per stock – a 77% premium on the closing price the day before the May offer.

Johns Lyng chairman Peter Nash told shareholders last week the offer “reflects the value we’ve created ... and the strategic importance of our platform in the insurance building and restoration sector”. He said the acquisition by Pacific Equity Partners represents a “recognition of our achievements”.

Mr Nash said Johns Lyng has pursued disciplined and resilient growth, balancing organic expansion with strategic acquisitions, while maintaining a strong balance sheet and operational agility.

“This transition has not been without its challenges. Market volatility, sector-specific pressures, and evolving client needs have tested our resolve.

“Yet our team has consistently delivered – achieving robust operating results, maintaining strong cash conversion, and continuing to grow our core business across Australia, New Zealand and the US.”