Arvida Group Limited (NZSE:ARV) entered into an agreement to acquire an unknown majority stake in three retirement villages from Hurst Lifecare Ltd and associated parties for an enterprise value of approximately NZD 110 million on September 12, 2017. The villages acquired include Mary Doyle Lifecare, Strathallan Lifecare and 50% of Village at the Park Lifecare. Under the terms of the transaction, the purchase price will be paid through NZD 16 million of Arvida Group's shares issued to vendors escrowed for twelve months, NZD 10 million of debt acquired in conjunction with Village at the Park and remaining through cash. The purchase price will be financed through NZD 77 million of new equity to be raised by way a 1-for-5 pro-rata renounceable rights issue at an issue price of NZD 1.15 per share and NZD 6 million debt raised from existing facilities. The transaction is subject to customary third-party approvals and is expected to complete on October 13, 2017. Based on Arvida’s estimates of earnings, the acquisitions will add NZD 9 million of underlying profit on a pro forma basis and be 8% accretive to underlying earnings per share. Further earnings are expected beyond financial year 2018 from future developments at Village at the Park and Mary Doyle.