Cash America Closes Acquisition Of 34 Pawn Stores In Georgia, N. Carolina

(RTTNews) - Cash America International, Inc. (CSH) said Wednesday that it has completed the acquisition of a chain of 34 pawn lending locations in the States of Georgia and North Carolina.

The stores were owned by PawnMart, Inc. and operate mainly under the PawnMart brand in both markets.

The aggregate purchase consideration for the PawnMart acquisition was about $61 million. The full amount of the consideration was paid in cash and funded through borrowings under Cash America's line of credit.

Cash America previously announced that it had signed a definitive agreement in connection with the acquisition in August, with the intention of completing the acquisition during the fourth quarter of 2013.

After completion of the transaction, Cash America operates 48 locations in Georgia and 20 locations in North Carolina.

Cash America expects the acquisition to be immediately accretive to earnings; however, the incremental earnings from the additional operating locations will not materially affect its expectations, published October 24, for the final quarter of fiscal 2013, which included the anticipated benefit of the acquisition.