Propel Funeral Partners Limited (ASX:PFP) entered into a conditional sale agreement to acquire Businesses, Assets and Certain Freehold Properties in New Zealand for NZD 21.4 million on December 12, 2018. The consideration will be paid by NZD 17.1 million cash, 1.21 million ordinary shares of Propel Funeral Partners Limited as escrow and NZD 1.25 million cash on achievement of certain financial milestone. The transaction is subject to third party approval and due diligence. Propel Funeral Partners Limited intends to fund the cash amounts payable on completion from existing cash reserves and its NZD 50 million debt facility, which is currently undrawn. Propel Funeral Partners issued 227,510 ordinary shares to a related entity of the vendors, all of which are subject to voluntary escrow arrangements for up to 36 months from today. Completion of the proposed transactions have either occurred or are expected to occur in 2019. The acquisition is expected to be earnings accretive in year one.