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Australia's biggest funeral services provider InvoCare Ltd (ASX:IVC) has bought New Zealand's largest funeral provider, Bledisloe Group Holdings Pty Ltd, for $114 million.

The acquisition of Bledisloe will give Invocare a presence in New Zealand, Tasmania and regional parts of Queensland, adding to its existing businesses in Sydney, Melbourne, Brisbane and the Gold Coast.

InvoCare says Bledisloe will boost its Australian market share by between four and 26 per cent, with the transaction likely to be finalised in the first quarter of next year.

The purchase will be funded partly through the issue of 5.27 million InvoCare shares to Bledisloe shareholders, at an issue price of $6.86 per share.

CEO Andrew Smith says combining both businesses and increasing its presence in new markets is clearly attractive and will generate significant value for shareholders.

InvoCare reported a $16.64 million profit in the year to 30 June 2010.