Jetset Travelworld Limited (ASX: JET) shareholders voted in favor of the proposed merger with Stella Travel Services.

An overwhelming 99 percent of the international and domestic travel agency's shareholders voted in favour of the $351 million deal yesterday. Fifty eight 58 percent of these votes comes from Qantas.

The merger, to be completed by the end of the month, is still lined up for the approval of the Foreign Investment Review Board. A go signal will give the two travel retailers more than 2500 shops across Australia.

Jetset operates Qantas Holidays and Qantas Business Travel. Integrated travel network Stella includes the key brands Harvey World Travel, Travelscene American Express, BestFlights, Travel 2, Travel Indochina, and the ATS Pacific networks.

The combined entity will give Qantas a 29 percent share while Stella's majority owner, private equity group CVC, will have a 26.9 percent stake. Investment bank UBS will hold 17.9 percent.

Australian Competition and Consumer Commission (ACCC) chairman Graeme Samuel said, “the ACCC found that the merged Jetset-Stella entity and its member agents are likely to face continued and increasing competition from online travel agents, direct supply by airlines and hotels, and the largest travel retailer in Australia, Flight Centre.”