Cleco Corp. shareholders have approved selling the the Pineville-based utility company to a North American-led investor group for about $3.4 billion.

The new owners also will assume about $1.3 billion of debt for a total transaction valued at $4.7 billion.

The deal was announced in October with an investor group led by Macquarie Infrastructure and Real Assets and British Columbia Investment Corp.

Additional approvals are required from the Louisiana Public Service Commission, the Federal Energy Regulatory Commission and the Federal Communications Commission. The transaction is expected to close in the second half of the year.

Cleco owns regulated electric utility company Cleco Power LLC. Cleco Power owns 11 generating units and serves about 284,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Among its service areas are Acadiana and the north shore.