ADVFN - Advanced Financial Network.
HOME» NYSE » A » AEA Stock Price » AEA Stock News

Advance America Share News

 Advance America Cash Advance Centers Stock Price
AEA Stock Price
 Advance America Cash Advance Centers Stock Chart
AEA Stock Chart
 Advance America Cash Advance Centers Stock News
AEA Stock News
 Advance America Cash Advance Centers Company Information
AEA Company Information
 Advance America Cash Advance Centers Stock Trades
AEA Stock Trades

Mexico's Elektra To Buy Advance America For $780 Million

MEXICO CITY -(Dow Jones)- Mexican retail and financial firm Grupo Elektra SAB (ELEKTRA.MX) said late Wednesday it plans to buy South Carolina-based lender Advance America Cash Advance Centers Inc. (AEA) for $780 million. The deal, Elektra's first major foray into the U.S. financial services market, values Advance America at $10.50 per share--a 32.7% premium over the company's closing price Wednesday, Elektra said in a statement. Advance America offers cash advance services through approximately 2,600 locations in 29 U.S. states, the United Kingdom, and Canada. "We are eager to expand our services to the United States and to continue meeting the needs of the financially under-served," said Elektra Chairman Ricardo Salinas. Elektra sells items such as appliances on credit, while also offering banking services. In addition to Mexico, the company operates in Argentina, Brazil, El Salvador, Guatemala, Honduras, Panama and Peru. Under the terms of the agreement, Advance America may solicit acquisition proposals from third parties for a period of 45 days. Should no competing proposal arise, the transaction is expected to close during the first half of 2012. Key management at Advance America are expected to stay on at the company following the acquisition, working from Spartanburg, S.C. Elektra plans to finance the transaction with cash and credit. -By Amy Guthrie, Dow Jones Newswires; mexico@dowjones.com

Stock News for Advance America (AEA)
DateTimeHeadline
11/06/201308:56:35Siemens Sells Water Technologies Unit for EUR640 Million to AEA
05/22/201320:22:20AEA Investors Hires Banks for CPG International Sale: Sources...
04/11/201212:33:27Mexico's Elektra Swings To 1Q Loss On Financial Instruments
03/12/201209:44:28Applications Given Early Antitrust Clearance
02/15/201222:48:22Mexico's Elektra To Buy Advance America For $780 Million
09/14/201016:04:05Report Blames Wall Street, Banks For Payday Loan Growth

Advance America and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad