03 05 2016Cash America International, Inc. merges with First Cash Financial Services, Inc.
Covington advised Jefferies LLC as financial advisor to Cash America International, Inc. in connection with its merger with First Cash Financial Services, Inc. The pro-forma market value of equity of the transaction is valued at approximately $2.4 billion.
Cash America International, Inc. provides specialty financial services. The Company offers non-recourse loans and short-term cash advances to individuals through its storefront locations in the United States. The company, led by Daniel R Feehan, T Brent Stuart, Thomas A Bessant, Victor L Pepe and Clint D Jaynes, is based in Fort Worth. First Cash Financial Services, Inc. operates pawn stores in North America. The Company's stores lend money on the collateral of pledged personal property, and retail previously-owned merchandise acquired through loan forfeitures. First Class Financial Services, led by Rick L Wessel, R Douglas Orr, Raul R Ramos, Sean D Moore and Peter H Watson, is based in Arlington. Following the close of the transaction, First Cash shareholders will own approximately 58% of the combined company, and Cash America shareholders will own approximately 42%. The Covington corporate team representing Jefferies LLC included partner J. D. Weinberg, with associates Silas Lum and Max Heuer. ¬† Involved fees earner: J. D. Weinberg - Covington & Burling; Silas Lum - Covington & Burling; Max Heuer - Covington & Burling;
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