First Cash Financial (FCFS) to Acquire 16-Store Pawn Shop Chain in Denver, CO, Area
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First Cash Financial Services, Inc. (Nasdaq: FCFS) announced that it has entered into an agreement for the purchase of a 16-store chain of pawn stores located in the Denver, Colorado area. The 16 locations, which operate under the "Fast Cash Pawn" brand, are all large format, full-service pawn stores.
The purchase price for this acquisition is approximately $46 million, $8.5 million of which will be paid through the issuance of five year notes payable to the selling shareholders, with the balance to be paid in cash at closing, subject to standard working capital adjustments. The operations and earnings of the acquired Fast Cash stores will be consolidated into First Cash effective with the closing of the transaction, which is expected to occur later this year, subject to the satisfaction of customary closing conditions. The Company expects transaction and integration costs associated with the acquisition to be approximately $0.02 to $0.03 per share.
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The purchase price for this acquisition is approximately $46 million, $8.5 million of which will be paid through the issuance of five year notes payable to the selling shareholders, with the balance to be paid in cash at closing, subject to standard working capital adjustments. The operations and earnings of the acquired Fast Cash stores will be consolidated into First Cash effective with the closing of the transaction, which is expected to occur later this year, subject to the satisfaction of customary closing conditions. The Company expects transaction and integration costs associated with the acquisition to be approximately $0.02 to $0.03 per share.
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