Credit Corp Group
(ASX:CCP) has acquired Thorn Group’s
(ASX:TGA) Cashfirst branded consumer loan book and associated assets for a total consideration of $13.3 million.
The loan book consists of almost 5,000 current Cashfirst customers and is expected to deliver the company’s hurdle investment return.
The financial institution is also acquiring other assets from Thorn Group, including its historical customer database, branding and intellectual property of Cashfirst.
Credit Corp CEO Thomas Beregi said the transaction would positively impact earnings in the 2018 to 2019 fiscal years.
Credit Corp also said it continues to see debt purchasing opportunities for its US business, with a pipeline of committed purchasing now exceeding the previous guidance of $55 million.
Shares in Credit Corp Group
(ASX:CCP) last traded 0.25 per cent higher to $20.11.
