Shareholders of preppy clothing seller J.Crew Group Inc. have approved a $3 billion buyout deal to be taken private by two investment firms.

The $43.50-per-share buyout by private-equity firms TPG Capital and Leonard Green & Partners is expected to close Monday. J.Crew CEO Millard (Mickey) Drexler will remain with the company.

Questions about how the deal was negotiated by Drexler had raised concerns the deal might not be approved. Proxy advisory firm Institutional Shareholder Services last week had recommended against the deal.

J.Crew is based in New York.