Ezcorp Buys Cash Converters' U S. Stores, Franchise

Tuesday, October 18, 2011

Pawn and payday lender EZCORP Inc (EZPW.O) said it bought substantially all of the assets of Cash Converters United LC, including seven stores in Virginia and Pennsylvania, and franchise rights to use the brand and name in several other states.

EZCORP had ended an agreement with Cash Converters International Ltd to acquire a controlling stake in the Perth-based peer following an Australian government move to cap small credit contract fees.

The acquired stores operate the Cash Converters' buy/sell model rather than the pawn model used in EZCORP's other U.S. stores.

The acquired franchise rights include the exclusive right to develop Cash Converters stores in Virginia, North Florida and Eastern Pennsylvania, the company said in a statement.

The acquisition, which was completed on October 12, also includes a right to acquire the Cash Converters franchise rights in the District of Columbia and 17 other states in the East, South, Midwest and Southwest.

EZCORP shares, which closed at $27.65 on Nasdaq on Monday, were up 3 percent after market.

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