Encore Capital Group Inc. (Nasdaq: ECPG) will buy Asset Acceptance Corp. (Nasdaq: AACC) for about $200 million.
The purchase price works out to about $6.50 per share.
Asset Acceptance, headquartered in Warren, Mich., buys consumer receivables.
San Diego-based Encore provides debt management and recovery services to consumers and property owners. The company has been acquiring competitor portfolios since 2001.
Combined, the two companies have purchased more than 60 million individual customer accounts, including credit card, telecommunications, consumer loans and other assets, valued at more than $130 billion.
Morgan Staley was Encore’s financial adviser for the deal, while William Blair & Co. advised Asset Acceptance. Kirkland & Ellis LLP was Asset Acceptance’s legal counsel.
After clicking on a story, use the back arrow in your browser to return to your search results. Use phrases "in quotes" or the tools below to better filter your results.
