African Cellular Towers (ACTowers) shareholders have approved the company's acquisition of JK Shelters.
First announced in February, the deal was discussed at the company's general meeting yesterday.
ACTowers had initially agreed to pay R40 million for the cellphone tower manufacturer. The price has since risen to R45.8 million.
The proviso that JK Shelters achieve after-tax profits of R8 million for the year ended 28 February was also revised upwards to R9 million.
The cost of the full acquisition will be settled in a mix of cash and shares. The only condition outstanding is Competition Commission approval.
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