Arvida Group Limited (NZSE:ARV) entered into an agreement to acquire Bethlehem Country Club, Bethlehem Shores and Queenstown Country Club in New Zealand from interests controlled by Fraser Sanderson for approximately NZD 180 million on June 25, 2019. The consideration is subject to adjustments. Arvida Group Limited will fund the transaction through placement of NZD 50 million, rights issue of NZD 92 million, NZD 10 million new shares issuance to the vendors and NZD 32 million of bank debt. The transaction includes agreement to retain vendor development team. The transaction is subject to customary closing conditions. Completion of the acquisition is expected to occur on July 31, 2019. The transaction is expected to be immediately accretive to underlying earnings per share in the financial year 2020 and 2021. Arvida Group Limited (NZSE:ARV) completed the acquisition of Bethlehem Country Club, Bethlehem Shores and Queenstown Country Club in New Zealand from interests controlled by Fraser Sanderson at the end of July 2019.