Shareholders of Nigerian CDMA operator Starcomms have approved the reorganisation of the firm’s share structure to allow investment group Capcom to acquire the company.

According to a press statement from Starcomms, the CDMA operator has received support from almost all of its shareholders for Capcom to invest $210 million in the company.

The deal is now subject to regulatory approval from the Nigerian Communications Commission (NCC), Nigerian Stock Exchange (NSE) and Securities and Exchamge Commission (SEC).

IT & Telecom Digest reported last year that three operators - Starcomms, Multilinks and MTS - were setting up a merger that would see investors inject just over $200 million to create a new mobile operating capable of offering 4G services.

The group of investors, who had acquired Multi-Links and MTS, joined Starcomms to the mix to form Capcom, according IT & Telecom Digest.

The publication further said that a Gibraltar-registered trust called MBC is planned to own 53% of CAPCOM, while African investment firm Helios Investment Partners is to hold 11% of the company. The Asset Management Company of Nigeria (AMCON) is to have a 2% stake; while leasing financial institution Middle East Capital Group is to hold 25%.

The remaining shares are to be held by Kenya’s Oldonyo family, in the form of the ‘Oldonyo Laro Estate’ with 5%; Bridgehouse Capital Limited with 3% and private equity investors with 1%.

Nigeria’s telco market has been booming, as the the West African country is the continent’s largest mobile market with just over 100 million subscribers 2012, according to Informa Telecoms & Media research.