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DFC Global Corp international diversified financial services company serving primarily unbanked and under-banked consumers announced at the Company’s special meeting of stockholders a majority of the outstanding shares of DFC Global common stock voted to approve the acquisition of DFC Global by an affiliate of Lone Star Funds (“Lone Star”). Houlihan Lokey Capital, Inc. is acting as financial advisor to DFC Global in connection with the transaction. Pepper Hamilton LLP is acting as DFC Global’s legal advisor. Jefferies LLC is acting as lead financial advisor to Lone Star Funds and Credit Suisse Securities (USA), LLC is acting as financial advisor. Jefferies Finance LLC and Credit Suisse AG are providing debt financing commitments for the acquisition.
DFC Global serving primarily unbanked and under-banked consumers has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds (“Lone Star”) in a transaction, including the assumption of net debt, valued at approximately $1.3 billion. Upon completion of the transaction, DFC Global will become a privately held company. Under the terms of the agreement, DFC Global stockholders will receive $9.50 in cash for each share of DFC Global’s common stock they own. This represents a premium of approximately 5.8% to DFC Global’s closing stock price on April 1, 2014, and a premium of 12.3% to DFC Global’s 30-day volume weighted average stock price for the period ended April 1, 2014. The agreement was unanimously approved by DFC Global’s Board of Directors. The transaction is subject to customary closing conditions, including receipt of stockholder approval and certain approvals from both U.S. and foreign regulators. Competition-related approval requirements are expected to be limited in number. The acquisition requires the affirmative vote of the holders of a majority of the outstanding shares of the Company’s stock, which will be sought at a special meeting of stockholders. The transaction is expected to close in the third calendar quarter of 2014.
DFC Global international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, announced the acquisition of Monte Caja Oro, a chain of 27 stores primarily located in the Andalusian and Catalonian regions of Spain, which brings the Company’s total store count in the country to 58 locations. The acquired stores primarily offer pawn lending on gold jewelry, as well as gold buying services. The total purchase price of the transaction at closing was approximately $6.0 million in addition to payment for the value of the pawn pledge inventory. The acquisition is expected to be immediately accretive to earnings.
C-SAM secure mobile transactions technology offering a range of mobile-based applications for financial as well as non-financial services announced Kurt Weiss and Conrad Sheehan have joined the company as managing director of global financial institutions and vice president and general manager of strategic initiatives, respectively. Weiss will work closely with financial institutions and networks deploying C-SAM’s mobile transaction platform that enables NFC, QR, cloud and remote payments, as well as location-based services. Sheehan will be responsible for global strategy and the implementation of key international projects for C-SAM. Weiss previously worked at Citigroup as the Director of Digital Networks & Mobile for the Fortune 20 Bank’s Citi Enterprise Payments group where he was responsible for the commercialization of digital network payment ecosystems leveraging Citigroup’s core payments infrastructure on a global basis. Sheehan founded mPayy Inc., an electronic payment company focused on NFC-stored value payments for transit authorities and private sector companies (the company was later licensed to NTT DATA where he then led North America payments solutions).
DFC Global diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years announced its subsidiary Dealers’ Financial Services reached a settlement with the Consumer Financial Protection Bureau (“CFPB”) regarding certain aspects of its business. As previously disclosed, the CFPB conducted a review of the Military Installment Loans and Educational Services (“MILES”) program, an automobile finance program whereby the Company’s subsidiary, Dealers’ Financial Services, LLC, is a service provider for third party lenders. The CFPB cited violations by DFS of the Consumer Financial Protection Act for deceptively marketing the prices and scope of certain add-on products. Without admitting or denying any of the facts or conclusions of the review, DFS agreed to a consent order with the CFPB to amend its practices in line with recommendations made by the CFPB, and to provide financial redress in the form of a $3.3 million restitution fund to be distributed to past and current DFS customers. The Company established a reserve for the restitution fund in a previous quarter.
DFC Global financial services company for the unbanked and under-banked acquired Express Credit pawn loan provider. Express Credit Amanet, founded in 1998, operates a chain of 32 stores predominantly in the city of Iasi, Romania. In concert with DFC Global’s European pawn expansion strategy, the acquired stores primarily offer pawn lending on gold jewelry, small-size high-value electronics and automobiles, in addition to gold buying services. This acquisition also represents the Company’s initial foray into pawn lending on items outside of jewelry and fine watches. The trailing twelve months revenue for the acquired stores was approximately $9.0 million at the closing of the transaction and the acquisition is accretive to earnings.
DFC Global financial services company for the unbanked and under-banked, welcomed news that the Province of Prince Edward Island has passed a set of payday loan regulations that include a maximum cost of borrowing of $25 per $100 loaned. The Company currently has only franchise locations in Prince Edward Island.
Signifyd fraud prevention raised $2 million in financing from Andreessen Horowitz, Data Collective, IA Ventures, QED Investors, Resolute.VC, Tekton Ventures and other angel investors. Signifyd was founded in 2011 by a team of risk experts from PayPal to address the complexity of payment validation. Between chargebacks, mistakenly declined orders, and countermeasure costs, the average e-commerce retailer loses 3.1% to fraud every year. Most large e-commerce merchants have teams of agents that arduously try to bridge the gap between the online identity a user presents and the real-life person he claims to be.
DFC Global Corp., a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, announced that the Company will participate at the following investor conferences: Jeff Weiss, Chairman and CEO, and Randy Underwood, Executive Vice President, will present at the Stephens 2012 Spring Investment Conference on Tuesday, June 5,…
DFC Global, a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, announced the acquisition of Super Efectivo, which provides pawn loans in Spain. Super Efectivo S.L., founded in 2006, operates a chain of eight stores predominantly in Madrid. The acquired stores primarily offer pawn lending on gold…
DFC Global financial services for the unbanked and under-banked expanded its internet loans offering. The Company is providing these loans by leveraging the scalable technology platform and back-office support capabilities of its Scandinavian internet lending business (Risicum) based in Helsinki, Finland. DFC Global international diversified financial services company serves those whom purchase some or all of their financial services from the Company rather than from banks and other financial institutions.