House builder McInerney has bought UK-based Augusta Developments in a deal which could be worth up to €9m.
Based in Milton Keynes, Augusta was founded in 1994 and is involved mainly in providing social and affordable housing.
McInerney says Augusta is 'highly complementary' to its existing UK business, as social housing accounts for around 12% of the UK housing market.
Chief executive Barry O'Connor says the acquisition also provides a foothold for the company in a new UK region, the south midlands.
McInerney will pay an initial €4.8m in cash, with further payments depending on Augusta's earnings over the next four years.
McInerney shares were up 10 cent at €11.65 in Dublin this evening.
