Announcement • Aug 15
FirstCash Holdings, Inc. completed the acquisition of H&T Group plc (AIM:HAT).
FirstCash Holdings, Inc. agreed to acquire H&T Group plc (AIM:HAT) for approximately £297 million on May 14, 2025. A cash consideration valued at £6.61 per share will be paid by the FirstCash Holdings, Inc. £6.50 per share in cash and In addition, H&T shareholders will receive a final dividend of 11 pence for each H&T share to be paid on June 27, 2025.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders , regulatory approval, competition and markets authority and subject to court approval. The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and H&T. The expected completion of the transaction is July 1, 2025 to December 31, 2025. The terms of the Acquisition value the entire issued and to be issued share capital of H&T at approximately £297 million on a fully diluted basis and imply an enterprise value of H&T on a pre-IFRS 16 basis of approximately £351 million.
As of May 28, 2025, Competition and Markets Authority Condition has been satisfied for the transaction. Full details of the Acquisition and the Scheme will be set out in the scheme document to be sent to H&T Shareholders on or around June 4, 2025. The financial terms of the acquisition by Bidco are final and will not be increased, except in two specific situations: If a third party announces a possible or firm intention to make an offer for H&T after this announcement or If FirstCash receives consent from the Panel to increase the cash consideration, which will only be granted in exceptional circumstances. As of June 4, 2025, it is notified that court meeting and general shareholder meeting will be held on July 2, 2025. The long stop date for the transaction is set as December 31, 2025. As ofJuly 2, 2025, the Court Meeting and the General Meeting held to consider the resolutions relating to the Acquisition, all resolutions proposed (details of which are set out in the notices of the Court Meeting and the General Meeting contained in Parts IX and X of the Scheme Document) were passed by the requisite majorities and, accordingly, the Scheme was approved. Subject to the Scheme receiving the sanction of the Court, the filing of the Court Order with the Registrar of Companies and the satisfaction or, where applicable, the waiver of the other Conditions, the Scheme is expected to become Effective in the second half of 2025.
Andrea Lee, Paul Bundred, Carolyn Connor and James Umbers of Jefferies LLC acted as financial advisor to FirstCash Holdings, Inc. Kyle Healy, Robert Ardern, Paul Simcock, Kate Moseley, James Ashe-Taylor, Paul Hespel, Jonathan Garforth, Matt Strumph, John Stephen and Irene Fraile of Alston & Bird LLP and Tom Rose, Max Mittasch, Rasmus Berglund, Jeremy Moncrieff, Malcolm Walton, Martha Campbell, Kirstie Hutchinson, Xian Wei Yeo of Macfarlanes LLP acted as legal advisor to FirstCash Holdings, Inc. Hugh Maule, Charles Bond, Sam Beighton, Angela Rawlins of Gowling WLG (UK) LLP acted as legal advisor to H&T Group plc. Shore Capital and Corporate Limited acted as financial advisor to H&T Group plc. Guy Wiehahn, Stephane Auton and Sophie Collins of Shore Capital and Corporate Limited acted as financial advisor to FirstCash Holdings, Inc. Stuart Andrews, George Grainger, Sunil Duggal and Bill Gardiner of Canaccord Genuity LLC acted as financial advisor to FirstCash Holdings, Inc. Kenneth J. Steinberg, Nick Benham, Aaron Ferner, Phil Anscombe and Michael Kaplan of Davis Polk is advising the lead arranger, initial lender and administrative agent in connection with a £299 million term loan that will be available to FirstCash to support its proposed takeover of H&T Group plc. James Fletcher, Tim Rennie ofAshurst is advising Jefferies International Limited on the £291.7 million takeover of H&T Group PLC.
FirstCash Holdings, Inc. completed the acquisition of H&T Group plc (AIM:HAT) on August 14, 2025.
