McMillan Shakespeare Limited (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 per cent cash and 40 per cent of the company’s scrip. 

While the purchase is subject to conditions McMillan Shakespeare expects to tie up the deal by the end of this month or earlier. 

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