Hong Kong-listed gaming hardware maker Razer has received approval from the company’s shareholders to take the company private, its chief executive announced on Tuesday.

“I am pleased that the privatization of Razer has been approved by the company’s shareholders with 94.74 percent of the votes cast by disinterested shareholders at the Court Meeting being in favor of the scheme,” Razer Co-Founder and Chief Executive Officer Min-Liang Tan said in a Linkedin post on Tuesday evening.

“I would like to thank our shareholders for their support of Razer as we expanded our unique gamer-centric ecosystem and market presence in recent years. We look forward to developing our ecosystem of hardware, software and services in our next phase as a private company,” he added.

Razer announced in December last year that a group led by its top executives has proposed to take the company private in a deal that values the company at HK$24.7 billion ($3.15 billion).

The group, led by Tan and non-executive director Lim Kaling, who is also Razer’s co-founder own around 57 percent of the company and offered HK$2.82 a share for the remainder of the company, Razer said in a stock exchange filing then.

The consortium believes that Razer, with headquarters in the United States and Singapore, has suffered from low trading volumes and has been undervalued on Hong Kong Stock Exchange.

The offer price is a premium of around 44 per cent to Razer’s closing price on Oct 28, the day before it went into a trading halt to announce that the chairman and others were talking to the company about a deal.

According to earlier reports, Tan and Lim have plans to eventually list Razer in the US to exploit higher valuations for technology stocks.

Founded in 2005, Razer is headquartered in Irvine, California with regional headquarters in Hamburg, Shanghai and Singapore. Razer has 18 offices worldwide and is recognized as the leading brand for gamers in the US, Europe and China. Razer went public in Hong Kong in 2017.