Encore Capital Group Enters Agreement to Sell Propel Financial Services to Prophet Capital Asset Management
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Encore Capital Group (ECPG) Misses Q4 EPS by 4c; Will Seel Propel Financial Services, Sees $150M in Post-Tax Proceeds
February 24, 2016 4:54 PM ESTEncore Capital Group (NASDAQ: ECPG) reported Q4 EPS of $1.31, $0.04 worse than the analyst estimate of $1.35. Revenue for the quarter came in at $298 million versus the consensus estimate of $294.05 million.
Encore Capital also announced that it entered into an agreement to sell its wholly owned subsidiary Propel Financial Services to Prophet Capital Asset Management, an Austin, Texas-based Registered Investment Adviser. The transaction, which would establish Propels enterprise value at more than $340 million, is expected to close before the end of the first calendar quarter of 2016. Encores decision to divest Propel reflects the... More
