DTY.L Share News (DTY)

Funeral provider Dignity said on Tuesday that it has signed a conditional sale and purchase agreement to acquire 36 of the 83 locations currently operated by Laurel Funerals for a total consideration of £38m.The acquisition is being funded from cash resources already held by the group and is expected to complete on or around 13 July 2015.Laurel is a funeral business which currently operates 83 locations across the UK. In order to avoid any potential competition concerns, Dignity is only acquiring locations that complement its own geographic spread.Chief executive Mike McCollum said: "This acquisition will allow us to extend our funeral network further into areas that we do not currently serve. It represents an excellent investment for Dignity, using cash already held by the group, and supports our continued growth."