Propel Funeral Partners Limited (ASX:PFP) executed binding sale agreement to acquire McKee Funerals on November 24, 2021. In a related transactions, Propel Funeral Partners Limited executed binding conditional sale agreement to acquire Crawford Funerals and Eagars Funerals. The combined consideration for all these transactions consists of AUD 3.3 million in cash, contingent payment of AUD 2.6 million in cash in connection with one freehold property to be paid following approval of the relevant boundary adjustment subdivision, AUD 0.24 million via the issue of 57,654 ordinary shares in the capital of Propel at AUD 4.10 and an earnout payment up to AUD 0.74 million, which will be payable in cash if certain financial milestones are achieved during the five years following completion of the relevant transactions.

The transaction is subject to regulatory approval. The acquisition is expected to complete by during second quarter and/or third quarter of FY22. The transaction is expected to be accretive in nature.