Soul nearing completion of acquisition of Chariot

SP Telemedia Limited (ASX: SOT), which trades as Soul, has nearly completed its acquisition of Chariot Limited, with only a little under 5 percent of shares remaining to purchase.

Soul had launched a takeover bid for Chariot limited at the end of April this year.

Under Australian law, organisations which own over 90% of another company must compulsorily acquire the remaining stock.

Soul merged with TPG Holdings Limited, which owned around 70 percent of Chariot, in April. Since then the merged company has been undergoing the process of acquiring the rest of Chariot.