FirstCash Holdings Inc. (FCFS), on Wednesday, announced its acquisition of H&T Group plc, the largest pawn store operator in the United Kingdom.
Under the terms of the agreement, FirstCash, through its newly incorporated wholly-owned U.K. subsidiary, Chess Bidco Limited, will acquire H&T for 650 pence per share in cash. Additionally, H&T shareholders will receive a final dividend of 11 pence per share, payable on June 27, 2025. The total equity value of the transaction, including the cash consideration and final dividend, amounts to about £297 million or US$394 million, based on the exchange rate as of May 13, 2025.
This acquisition marks FirstCash's entry into the UK market, expanding its geographic footprint beyond the United States and Latin America. The move is expected to enhance operational scale, drive efficiencies, and unlock long-term growth opportunities.
The combination of FirstCash and H&T will establish the largest publicly traded pawn platform across the United States, Latin America, and the United Kingdom.
The company stated that the financial terms of the acquisition are final and will not be increased or improved, except under specific circumstances. Chess Bidco Limited reserves the right to increase the cash consideration if: A third party announces a possible offer or a firm intention to make an offer for H&T, or the UK's Panel on Takeovers and Mergers grants consent, which would only occur in exceptional circumstances.
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