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The Associated Press October 6, 2010, 5:27PM ET

Cash American completes pawn shop acquisition

Cash America International Inc. said Wednesday that it has completed its acquisition of a 39-store pawn shop chain owned by Maxit Financial for $70 million in cash and stock.

Wednesday's announcement came two months after Cash America, a Fort Worth-based payday lender, announced the acquisition agreement.

The stores Cash America is adding include 29 locations in Washington state and 10 in Arizona, operating under the names Pawn X-Change and Maxit, respectively. Cash America previously had five pawn locations in Washington, and 11 company-owned and seven franchised locations in Arizona.

The transaction is expected to add more than $20 million in pawn loan balances for Cash America, with additional annual revenue of about $54 million. Cash America had 1,062 locations as of June 30.

Shares of Cash America rose 13 cents to close at $35.93.


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