FirstCash Enters UK Market With $394 Million Acquisition Of H&T Group

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FirstCash Holdings, Inc. (NASDAQ:FCFS) is expanding into the U.K. with the acquisition of H&T Group plc, the country’s largest pawnbroker chain.

The Texas-based pawnshop relation announced connected Wednesday it volition acquisition each outstanding H&T shares done its U.K. subsidiary, Chess Bidco Limited, successful an all-cash woody valued astatine astir $394 million.

The statement includes a outgo of 650 pence per stock and a last dividend of 11 pence per share, payable successful precocious June. The acquisition strengthens FirstCash’s planetary footprint, adding 285 U.K. stores to its existing web and positioning the institution arsenic the largest publically traded pawn relation crossed the U.S., Latin America, and the U.K.

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FirstCash CEO and Vice-Chairman Rick Wessel said the acquisition aligns with the company’s semipermanent strategy and praised H&T’s beardown marque and experienced leadership. H&T CEO Chris Gillespie called the woody a testament to the company’s occurrence and a caller section for maturation nether FirstCash’s ownership.

Beyond geographic expansion, FirstCash expects to payment from operational efficiencies and scale. The institution anticipates the acquisition volition boost net per stock and EBITDA, supporting its broader planetary strategy.

Upon completion, the combined concern volition run much than 3,000 pawn locations worldwide, with the imaginable for further enlargement into further European markets.

FirstCash held currency and currency equivalents of $175.095 million arsenic of December 31, 2024.

Price Action: FCFS banal is down 2.14% to $129.91 premarket astatine past cheque connected Wednesday.

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