H&T Group accepts PS297 million offer from US-based FirstCash
Shares in H&T Group PLC soared on Wednesday after it accepted a cash takeover offer from FirstCash Holdings Inc.
The Surrey-based pawnbrokers’ chain and jewellery retailer said the cash offer values each H&T at 650 pence, valuing the business at £297 million on a fully diluted basis and implying an enterprise value of £351 million.
Shareholders will also receive the previously announced final dividend of 11p per share due to be paid on June 27.
In response, shares in H&T leapt 40% to 641.28p each in London on Wednesday for a market value of £281.7 million. They had earlier hit a 52-week high of 646p.
FirstCash Holdings operates more than 3,000 pawn stores in 29 US states and in Latin America.
The Fort Worth, Texas-based business also provides lease-to-own and retail finance payment solutions for consumer goods and services.
FirstCash said H&T represents a ‘compelling opportunity’ to expand its operations into the UK.
H&T said it had rejected an approach from FirstCash last December, and turned down three further proposals.
The company said further ‘extensive discussions and negotiations’ resulted in a number of further proposals and a ‘meaningful’ increase in value to the offer.
H&T believes the offer ‘represents an attractive opportunity for shareholders to realise the full value of their investment in cash and at a level that fairly reflects H&T’s prospects’.
H&T Chief Executive Chris Gillespie said: ‘The acquisition has a compelling strategic rationale, bringing together two businesses with complementary offerings focussed on the values and benefits of their customers.’
FirstCash has received irrevocable undertakings from H&T directors representing 0.6% of the H&T share capital.
The deal is expected to complete in the second half of 2025.
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