Lindsay Australia (ASX:LAU) executed a share purchase agreement to acquire 100% of SRT Logistics for a purchase price of around AU$108.2 million on a cash-free, debt-free basis, according to a Tuesday Australian bourse filing.

Key management of SRT, including the chief executive and chief operations officers, will enter into agreements to remain with Lindsay.

The consideration consists of around AU$30.2 million scrip consideration issued at a price of AU$0.65, equivalent to 46.5 million shares, while the balance of around AU$57.2 million will be paid in cash to all SRT vendors following the assumption of SRT's debt.

SRT's vendors will collectively hold around a 12.8% stake in Lindsay Australia post-completion.

The completion of the deal is expected to occur on June 30, subject to customary closing conditions.