CRANBERRY TWP — Stockholders of rue 21 on Thursday approved the $1.1 billion deal and takeover of the company by the Apax Partners.

rue 21 stockholders voted overwhelmingly to approve the deal in which the London-based private equity and capital venture firm will buy shares of rue 21 for $42 per share in cash.

About 99.7 percent of the shares voted at the meeting in favor of the agreement.

“We are pleased that our stockholders recognize the significant merits of this transaction,” said Bob Fisch, president, chief executive officer and chairman of rue 21 in a statement.

“We look forward to completing the transaction quickly and to working with the Apax team toward achieving our long-term objectives as a leading growth specialty retailer.”

The transaction is expected to close in early October when rue 21 will cease to be traded on Nasdaq.

rue 21, based in the Thorn Hill Industrial Park in Cranberry and Marshall townships, is a leading specialty apparel retailer. The clothing retail chain operates 971 stores in 47 states.