Freightways Limited (NZSE:FRE) entered into sale and purchase agreement to acquire Big Chill Distribution Ltd. from Colin Ashley Neal, Mark Shapland, Burley Attwood Trustees (No.11) Limited and YRW Trustees 2011 Limited for NZD 117 million on October 30, 2019. Under the terms of transaction, Freightways will make an initial payment of NZD 117 million, representing 80% of Big Chill’s current value. The final 20% will be paid in 2022, with the price based on Big Chill’s earnings and value at that date. Assuming settlement in the first half of Calendar 2020, Freightways anticipates the transaction will deliver mid single-digit EPS accretion on a pro-forma full year basis (pre-synergies). The transaction is to be funded through existing and increased debt facilities. The transaction is subject to Overseas Investment Office approval. The transaction is expected to close in first half of 2020. As on March 16, 2020 the transaction has been approved by Oversees Investment Office. Freightways Limited (NZSE:FRE) completed the acquisition of Big Chill Distribution Ltd. from Colin Ashley Neal, Mark Shapland, Burley Attwood Trustees (No.11) Limited and YRW Trustees 2011 Limited for approximately NZD 110 million on April 1, 2020. Under the terms of transaction, Freightways Limited issued 2.8 million shares to Colin Ashley Neal & Burley Attwood Trustees (No.11 Limited and 2.8 million shares to Mark Shapland & YRW Trustees 2011 Limited, remaining balance of NZD 83.8 million was paid in cash. Colin Neal sold 0.095 million shares, Mark Shapland sold 0.0019 shares and on behalf of Shaplad Family trust, Mark Shapland sold 0.0931 million shares to Freightways Limited. The final purchase price payment expected to be paid in late 2022 will represent 20% of Big Chill's enterprise value as at June 30, 2022, calculated using fiscal year 2022 EBIT at an agreed multiple determined by EBIT growth achieved for fiscal year 2021. PWC New Zealand Ltd acted as accountant for Freightways. Ernst & Young acted as financial due diligence and tax due diligence provider for Freightways.