Mexican billionaire Ricardo Salinas Pliego is starting for company when you look at the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America–the biggest payday lender in the U.S.
Stockholders approved the $780 million price Grupo Elektra available in February, a figure that features all outstanding stocks associated with the US company and payment of this organization’s financial obligation. You will see no instant modifications to your firm that is american operations, and CEO Patrick O’Shaugnessey has decided to stick to board, claims Elektra spokesman Daniel McCosh.
Grupo Elektra ranks 802 on our listing of the planet’s Biggest Public Companies, and its own acquisition that is latest appears a normal complement Salinas’ profile of profitable companies. In Mexico, Salinas oversees their family-founded Elektra retail string, which offers washers and dryers at low regular prices plus interest, along with a respected bike scooter plant, a television station, a cellular phone business, and their bank. 10 years ago, Salinas exposed Banco Azteca branches inside his Elektra shops and started providing monetary solutions to Mexico’s bad.
Read moreMexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.
