Mexican billionaire Ricardo Salinas Pliego is starting for company into the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America–the biggest lender that is payday the U.S.
Stockholders authorized the $780 million cost Grupo Elektra offered in February, a figure which includes all outstanding stocks regarding the US company and payment associated with organization’s financial obligation. You will have no instant modifications into the firm that is american operations, and CEO Patrick O’Shaugnessey has decided to remain on board, claims Elektra spokesman Daniel McCosh.
Grupo Elektra ranks 802 on our listing of the planet’s Biggest Public Companies, and its acquisition that is latest appears a normal complement Salinas’ portfolio of lucrative 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 motorcycle scooter plant, a tv section, a cellular phone business, and their bank. 10 years ago, Salinas exposed Banco Azteca branches inside their Elektra shops and began providing economic solutions to Mexico’s bad. Lendees can sign up for credit to get a dishwasher, or a loan that is personal pay money for medical expenses–at 50 to 60 % interest levels. Continue reading