Smartgroup Corporation Ltd (ASX:SIQ) agreed to acquire Fleet West Pty Ltd for AUD 9 million on December 14, 2017. Under the agreement, Smartgroup Corporation Ltd acquire Fleet West net of cash for AUD 8 million in cash and also issue its 0.1 million shares. 50% of the shares are escrowed until the first to occur of either Smartgroup ‘s 2018 accounts being lodged with the ASX or April 1, 2019. The remaining 50% are escrowed until the first to occur of either Smartgroup ‘s 2019 accounts being lodged with the ASX or April 1, 2020. The transaction will be funded through cash reserves and an extension of existing debt facilities. The transaction is expected to complete in January 2018. The transaction is expected to have positive contribution to Smartgroup Corporation Ltd's earnings before interest, tax, depreciation and amortization of AUD 2.2 million for 2018, implied acquisition multiple and earning per share accretion of 2%. Smartgroup Corporation Ltd (ASX:SIQ) completed the acquisition of Fleet West Pty Ltd on January 4, 2018.