Cash Converters sale
PAWN broker Cash Converters International Ltd will sell majority ownership in the company as part of a strategic relationship to be formed with US based EZCORP Inc.
The strategic alliance is to develop and introduce a suite of financial services products under the Cash Converters brand globally, Perth-based Cash Converters said in a statement yesterday.
As part of the alliance, EZCORP will buy 30 per cent of Cash Converters shares it doesn’t already own, taking its stake in the Australian company to a controlling 53 per cent.
EZCORP is offering 91 cents cash per share, which is a 9.6 per cent premium to Cash Converters’ closing price of 83 cents per share on Monday.