OTOC Limited (ASX:OTC) has announced it will acquire Lester Franks, a specialist geospatial, surveying and engineering business.
The acquisition will see OTOC establish a new presence in Tasmania and South Australia.
Lester Franks will be purchased for $3.1 million in cash and $0.5 million in OTOC shares, with a future payment of $1.4 million subject to performance.
Lester Franks’ Managing Director, Malcolm Lester, will enter into a long term employment contract with OTOC and continue to manage the business.
OTOC Limited reported a net profit of $19.7 million at 30 June 2016.