Shareholders at healthcare services provider UDG have backed plans to sell the group's Irish pharmaceutical distribution businesses to McKesson for €407.5 million.

The deal, which is still subject to regulatory clearance, was approved by sharehodlers at an egm on Tuesday.

The sale to McKesson includes United Drug Supply Chain Services business, United Drug Sangers business, TCP Group, as well as UDG's UK-based travel healthcare business MASTA.

Announcing the proposed sales last month, UDG said it would use the proceeds to pay down debt and provide “significant firepower” to support its growth plans.

McKesson's acquisition follows last year's takeover of Celesio, which owns the LLoyds Pharmacy brand and more recently announced plans to acquire almost 300 pharmacies from the supermarket chain Sainsbury's. The group employs about 1,000 people in Ireland.