Mosaid shareholders approve Sterling's buy

Shareholders in Canadian patent licensing company Mosaid Technologies have approved its sale to private equity firm Sterling Partners, the Ottawa-based company said on Monday.

U.S.-based Sterling agreed to pay $590 million for Mosaid. The $46 a share offer topped a $42 bid from rival licensing firm Wi-Lan.

Mosaid also said it had satisfied certain regulatory approvals and expected final approval and closing of the deal this week.

Mosaid shares were little changed at $45.91 at midday on Monday, having risen 54 per cent since the start of the year.