Freshii shareholders approve acquisition by Montreal-based Foodtastic

Photo: The Canadian Press

A customer walks into a Freshii restaurant in Montreal on March 21, 2017. Freshii Inc. says its shareholders have approved the sale of the healthy fast food chain to Montreal-based Foodtastic.THE CANADIAN PRESS/Ryan Remiorz

Freshii Inc. says its shareholders have approved the sale of the healthy fast-food chain to Montreal-based Foodtastic Inc. 

The deal, announced in December, will see franchisor Foodtastic add Freshii to its portfolio, joining Second Cup, Pita Pit, Milestones and other well-known food brands. 

Foodtastic will acquire Freshii at $2.30 per share in a deal valued at $74.4 million. 

The company said in December that the acquisition of Freshii will help put it on track to reach its goal of a billion dollars in system-wide sales in Canada by the spring. 

Freshii says the transaction is expected to close on or before Feb. 28. 

In December, Freshii said it expects to benefit from Foodtastic's scale and that the deal recognizes the value of the Freshii brand.