National Tyre & Wheel Limited (ASX:NTD) executed an agreement to acquire Carters Tyre Service Limited and C.O. Tire Retreading Co Limited and Tyre Carters Tyre Service Ltd from vendors associated with Garry Carter for NZD 30 million on December 16, 2021. The deal value is subject to adjustments for working capital and net indebtedness. The purchase price for the acquisition will be satisfied by a cash payment of NZD 28 million to be made at completion and the issue of approximately 1.4 million fully paid ordinary shares in National Tyre at an issue price equal to AUD 1.35 per share. The acquisition is being funded by debt, an institutional share placement to raise NZD 9.5 million and an underwritten share purchase plan to raise NZD 3.17 million. Carter's normalized EBITDA in the financial year ended March 31, 2021 was NZD 3.5 million. Carter’s will continue to operate as a separate business unit in the National Tyre Group, with Tyres4U and Carter’s continuing to operate on an arm’s length basis. Senior leadership group at Carter’s will continue in their present roles, including Mike Hollier (Chief Executive Officer/Chief Financial Officer), Rob Gosling (Group Sales Manager) and Paul Hood (Group Operations Manager). The acquisition is subject to a key customer consenting to the change in control of Carter’s and customary closing conditions. Completion of the acquisition is expected to occur on January 5, 2022. The acquisition is expected to be EPS positive, with an EBITDA contribution of NZD 6.25 million and NPATA accretion of 2.7 cps on an annualized basis.