Longhorn Publishers Ltd. (NASE:LKL.O) signed a sale and purchase agreement to acquire 74% stake in Law Africa Publishing Limited on June 9, 2016. The deal is funded from the rights issue of Longhorn Publishers Ltd in April 2016. Longhorn Publishers will acquire 92% stake. The completion of the proposed acquisition is subject to several conditions being obtained, including all regulatory approvals from the rights issue Competition Authority of Kenya, Capital Markets Authority and approval by shareholders. The acquisition may have a material effect on the value of the shares of Longhorn Publishers. Subsequent to the year end, June 30, 2016, Longhorn Publishers Limited (NASE:LKL) completed the acquisition of 67% of the shares of LawAfrica Publishing Limited for KES 100.6 million but is yet to receive regulatory approval for the acquisition.