Symal Group (ASX:SYL) agreed to acquire an 80% stake in Davison Earthmovers, including over AU$11 million in plant and equipment assets, for an upfront consideration of AU$23.2 million, according to a Friday filing with the Australian bourse.

The deal is to be funded through existing cash reserves and is expected to deliver annualized underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) of around AU$7 million in fiscal year 2026, the filing said.

It is also expected to be earnings per share accretive from the first year of ownership, the filing added.

Symal expects to complete the acquisition in the third quarter of fiscal year 2026, the company said.

It retains the option to acquire the remaining 20% stake, the company added.