Propel Funeral Partners Limited (ASX:PFP) executed a sale agreement to acquire Morleys Funerals Pty Ltd, Woongarra Crematorium and Memorial Gardens, Pet Heaven NQ (Morleys Group) and certain properties from Morleys family and others for AUD 14.3 million on February 18, 2019. The consideration comprises AUD 13.3 million in cash and 0.34 million ordinary shares of Propel Funeral Partners Limited which will be subject to a three year escrow arrangement. The escrowed shares will be released 3 years after completion of the transaction. The consideration is subject to completion adjustments. Propel Funeral Partners Limited intends to fund the cash amount from its AUD 50 million debt facility. Ray Valdeter, Managing Director of Morleys Funerals Pty Ltd, along with other family members, will continue their involvement with Morleys Group. The transaction is subject to satisfaction (or waiver) of conditions such as confirmatory due diligence and relevant consents from third parties and is expected to close prior to June 30, 2019. The transaction is expected to be earnings accretive in year one.