BCE Inc. shareholders today approved a takeover of the company by a consortium led by Teachers’ Private Capital, Providence Equity Partners and Madison Dearborn Partners.

Common shareholders will receive $42.75 a share, a 40% premium over the average closing price of BCE common shares for the three-month period ending March 28, the last trading day before there was public speculation about a possible transaction involving BCE.

BCE said approval was received from 97% of the votes cast by holders of common and preferred shares, voting as a single class, greatly exceeding the required 66 2/3% approval.

The closing of the transaction is subject to customary conditions, including the receipt of regulatory approvals. The motion seeking a final order approving the proposed plan of arrangement is scheduled to be heard Oct. 10 by the Superior Court of Québec.

“The transaction is expected to close in the first quarter of 2008. BCE will advise shareholders closer to the time of closing about the procedures for surrendering and receiving payment for their shares,” it said in a statement.