Acquisitions |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination [Abstract] | |
| Acquisitions | Acquisitions Pending Ramsdens Acquisition On June 23, 2026, the Company agreed on terms of the acquisition of Ramsdens, a leading pawn operator in the United Kingdom with 174 store locations, whereby the Company will acquire the entire issued and to be issued share capital of Ramsdens by means of a court-sanctioned scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006, as amended (“Ramsdens Acquisition”). On July 16, 2026, the Company agreed on revised terms of the acquisition to increase the cash price to be received by Ramsdens’ shareholders. Under the revised terms of the Ramsdens Acquisition, Ramsdens’ shareholders will be entitled to receive 675 pence per share in cash. In addition, Ramsdens’ shareholders will receive an interim cash dividend of up to 9 pence for each Ramsdens share to be paid on October 9, 2026. The total equity value for the Ramsdens Acquisition, including cash consideration for the shares, is approximately £231.7 million ($307.5 million USD using GBP/USD exchange rate of 1.33). The Ramsdens Acquisition is expected to be consummated by the end of 2026, subject to approval of Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of the remaining closing conditions. U.S. Pawn Acquisitions Consistent with the Company’s strategy to continue its expansion of pawn stores in strategic markets, during the six months ended June 30, 2026, the Company acquired eight pawn stores in the U.S. in four separate transactions. The aggregate purchase price for these acquisitions totaled $6.6 million, net of cash acquired and subject to future post-closing adjustments. The aggregate purchase price was composed of $6.3 million in cash paid during the six months ended June 30, 2026 and remaining short-term amounts payable to certain of the sellers of $0.3 million. During the six months ended June 30, 2026, the Company also paid $5.2 million of purchase price amounts payable related to prior-year pawn acquisitions. The purchase price of each of the 2026 acquisitions was allocated to assets acquired and liabilities assumed based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired. The acquisitions were not material, individually or in the aggregate, to the Company’s consolidated financial statements.
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