First Cash Financial solutions Inc. consented to purchase Cash America Overseas Inc. for around $994 million in stock in a deal to carry together two associated with biggest retail pawn store operators into the U.S.
Thursday first Cash, based in Arlington, Texas, will pay 0.84 of its shares for each Cash America share, the pair said in a statement. The transaction, that your businesses called a merger of equals, values Fort Worth, Texas-based money America at $40.90 a share, near WednesdayвЂ™s shutting cost of $40.70.
The combined company, become called FirstCash, could have a lot more than 2,000 areas in four countries, rendering it a powerhouse when you look at the lending that is non-bank, a catchall term for pawn brokers, check-cashing organizations, payday loan providers among others that offer small-dollar loans to individuals that real time paycheck to paycheck. ItвЂ™s a very fragmented market, providing towards the calculated 50 million individuals within the U.S. […]