Investor Alert

New York Markets Open in:

Market Pulse Archives

Oct. 28, 2021, 6:50 a.m. EDT

Pawn shop operator FirstCash to buy American First Finance in deal valued at nearly $1.2 billion

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    FirstCash Holdings Inc. (FCFS)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Pawn shop operator FirstCash Inc. /zigman2/quotes/208051748/composite FCFS -3.05% announced Thursday an agreement to buy lease-to-own and retail finance provider American First Finance Inc. in a stock and cash deal valued $1.17 billion. FirstCash's stock was still inactive in the premarket. The deal's terms include 8.05 million FirstCash share, which based on Wednesday's closing price of $93.35 would be valued at $751.5 million, and $406 million in cash. The stock portion represents 19.9% of the shares outstanding as of Oct. 19. In addition, FirstCash may pay up to $300 million if American First Finance reaches certain financial targets through the first half of 2023. "With the tremendous growth in the retail POS finance and buy now pay later space, AFF is an ideal partner for FirstCash, bringing a highly profitable and scaled platform with industry leading LTO and retail finance capabilities, a large and highly reputable merchant base and an experienced management team," said FirstCash Chief Executive Rick Wessel. FirstCash's stock has soared 19.2% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.81% has gained 3.4%.

US : U.S.: Nasdaq
$ 69.04
-2.18 -3.05%
Volume: 258,933
May 24, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$3.38 billion
Rev. per Employee
-32.27 -0.81%
Volume: 2.44B
May 24, 2022 4:55p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.