McMillan Shakespeare (ASX:MMS) has announced the acquisition of financial services business, United Financial Services, for $42 million.

The salary packaging company says the purchase will further expand its presence in the automotive segment and present cross selling opportunities.

The purchase will be funded through a combination of 60% cash and 40% of the company script. While the purchase is subject to condiitons, McMillan Shakespeare expects to tie up the deal by the end of this month, or earlier.

McMillan Shakespeare reported a net profit of $31.12M in the first half of the 2015 financial year.

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McMillan Shakespeare buys UFS | Finance News Network

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