FORT WORTH, Texas
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.