LONDON (ShareCast) - (Sharecast News) - Pawnbroker H&T Group said on Wednesday that it has agreed to be bought by US rival FirstCash in a £297m deal.
Under the terms of the transaction, FirstCash will pay 650p per share in cash and an 11p final dividend.

This is a 44% premium to the closing share price of H&T on Tuesday.

H&T chief executive Chris Gillespie said: "The acquisition has a compelling strategic rationale, bringing together two businesses with complementary offerings focussed on the values and benefits of their customers.

"I am extremely proud of H&T, we have built a fantastic team and highly attractive business, and FirstCash's offer is a clear acknowledgment of this. It's clear to us that FirstCash has full appreciation of our capabilities, the dedication of our employees, commitment to the customer and with their backing and support, I am confident H&T will have an extremely bright future."

FirstCash CEO Rick L. Wessel said: "We are excited to add H&T, the leading pawn operator in the United Kingdom, as part of FirstCash's global platform. This strategic transaction provides an entry into a significant new market, which we believe will unlock additional growth opportunities for FirstCash.

"We have great confidence in H&T's continued success, given their proven track record, coupled with their experienced management and operations team. FirstCash looks forward to working together to drive long-term value for all of our customers, employees, and shareholders."

At 1005 BST, H&T shares were up 40% at 641p.

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