July 26 (Reuters) - Babylon Pump & Power Ltd BPP.AX :
* ENTERED AGREEMENT FOR ACQUISITION OF PRIMEPOWER QUEENSLAND FOR UP TO $4.2 MILLION IN CASH
* DEAL FOR INITIAL PAYMENT OF $1.7 MILLION IN CASH AND $0.6 MILLION IN BABYLON SHARES ISSUED AT 2.4 CENTS PER SHARE
* INITIAL CASH PAYMENT OF $1.7 MILLION TO BE FUNDED VIA EXISTING CASH RESERVES & UNDERWRITTEN $1.5 MILLION SHARE PURCHASE PLAN