JSE-listed instrumentation specialist B&W has entered into an agreement with lightning protection product manufacturer Pontins, wherein B&W’s wholly owned subsidiary, Brightwater Trade and Invest 38, would acquire Pontins for a purchase price of R19,2-million.

B&W said in a statement on Tuesday that the acquisition would augment the company’s existing electrical contracting business with a complementary niche service.

About R12,9-million of the total purchase consideration of R19,2-million would be settled from the company’s cash resources, and the remaining R6,3-million would be settled by way of issue of more than 4,4-million B&W ordinary shares to Pontins at an issue price of R1,44 a share.

The acquisition was conditional upon the conclusion by Pontins of a written settlement agreement with the beneficiaries of the Pontins black economic empowerment (BEE) Trust of any claims in order that the Pontins BEE Trust may be wound up.

The effective and the closing dates of the acquisition was the end of June and the first day of the month in which all the conditions precedent have been fulfilled or waived, respectively.