Fane Valley Co-operative Society Ltd. reached an agreement to acquire Robert Smyth & Sons (strabane & Donegal) Limited from Donegal Investment Group plc (ISE:DQ7A) for €17.3 million on July 3, 2019. The consideration is on a cash and debt free basis and subject to any adjustment in respect of actual completion working capital versus the agreed target working capital. In the last financial year-end 31 August 2018 the turnover, gross assets, net assets and profit before tax attributable to the Businesses were respectively, €35.5 million, €21.8 million, €16.3 million and €2 million. Completion of the Proposed Transaction is subject to approval by the Competition and Consumer Protection Commission. The proceeds from the Proposed Transaction will be used by Donegal for general corporate purposes. Jonathan Simmons of Investec acted as financial advisor for Donegal Investment Group plc. KPMG Ireland, Investment Banking Arm acted as a financial advisor to Fane Valley Co-operative Society Ltd.