Australia's Apiam Animal Health Ltd. agreed to acquire Gympie & District Veterinary Services for total consideration of A$4.9 million.

The animal health company will fund the consideration for the deal with 70% cash and 30% scrip, in line with its previous acquisitions.

Southeast Queensland, Australia-based Gympie & District Veterinary Services is comprised of two practices which service a full range of agricultural and companion animals. It will operate as part of a regional group with Apiam's existing mixed animal clinics after the acquisition.

The company said the acquisition, which is expected to close June 30 and is conditional on final due diligence, is consistent with its regional and rural expansion strategy and accelerates its presence in the Queensland region.

Apiam said key employees will enter into employment contracts with the company, also with similar terms and restraint conditions to previous acquisitions.