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EZCORP Inc. said March 21 that it agreed to enter into a global strategic alliance with Cash Converters International Ltd., wherein EZCORP is proposing to acquire from existing Cash Converters shareholders approximately 76.6 million Cash Converters shares for 91 Australian cents (90.57 U.S. cents) per share.
The transaction, subject to approval by Cash Converters' shareholders and regulators and to other conditions, when combined with EZCORP's existing ownership of 124.4 million Cash Converters shares, would give EZCORP a controlling interest of approximately 53%.
The transaction is expected to close early in the second half of 2011.
As part of the alliance, EZCORP and Cash Converters will develop and introduce global...