Propel Funeral Partners (ASX:PFP) has secured binding agreements to acquire two established funeral services providers in New Zealand for up to AU$7.3 million, according to a Tuesday filing with the Australian bourse.

The deal involves AU$6.7 million in cash, AU$100,000 worth of Propel shares, and up to AU$500,000 in performance-based payments, the filing said.

The acquisitions, comprising the Twentymans Funeral Services and Thames Crematory and Richmond Funeral Home and Clarevill Crematorium, are expected to be completed by the second half of the fiscal year and be earnings accretive in year one.