CHICAGO (AP) — Democratic incumbent Pat Quinn has conceded to Republican businessman Bruce Rauner in the Illinois governor’s race.

With 99 percent of precincts reporting, Rauner had a nearly 5 percentage point lead over Quinn. Rauner declared victory on election night, but Quinn said he’d wait for all votes to be counted. Quinn’s campaigned noted outstanding ballots in Chicago and suburban Cook County.

On Wednesday, Quinn said it was clear his campaign didn’t have the votes to overcome Rauner’s lead. Rauner put out a statement thanking Quinn for his service to the state and commitment to making it a smooth transition.

Quinn had sought a second full term. He was locked into one of the nation’s most competitive and expensive governor’s races with the Winnetka venture capitalist.