Longhorn Publishers has signed a deal to buy a 74 percent stake in Law Africa Publishing, a private East Africa focused legal content publisher.
However, the purchase agreement signed on June 9 is subject to regulatory and shareholder approvals.
Law Africa publishes legal and related information books and materials in Kenya, Uganda and Tanzania and has three wholly owned subsidiaries operating in the three countries.
“Completion of the proposed acquisition is subject to several conditions being obtained including all regulatory approvals from the Competition Authority of Kenya, the Capital Markets Authority of Kenya and the approval by the shareholders of the company,” said Longhorn Publishers’ managing director Simon Ngige in a regulatory notice.
According to the notice, the proposed acquisition may have a material effect on the value of the shares of Longhorn. The shares ended the day at Sh5.35 each on the Nairobi Securities Exchange on Friday, rising by 8.08 percent over the previous day.