InvoCare Limited is on a buying spree

  • Aug 02, 2018 AEST
  • Team Kalkine
InvoCare Limited is on a buying spree

Acquisition of Grafton & District Funerals and Clarence Valley Funerals: InvoCare Limited (ASX:IVC), largest provider of funeral services in Australia, New Zealand and in Singapore, saw its stock rising by 2.56% on August 02, 2018 after the company signed two conditional sales agreements for the acquisition of the businesses and assets of Grafton & District Funerals and Clarence Valley Funerals. Both of them are collectively known as Grafton & District Funerals that is based in Grafton, New South Wales. The proposed acquisitions are expected to complete by mid-August 2018.

Grafton & District Funerals conducts around 300 funeral services and generates revenue of circa $2.0 million per annum. Grafton & District Funerals operates from two locations servicing the Clarence Valley region of NSW. This acquisition is expected to provide opportunity for IVC to support its expansion into regional markets. Meanwhile, IVC stock has risen 7.26% in three months as on August 01, 2018  and is trading at a P/E of 15.80x.

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