LONDON: FirstCash Holdings Inc. has agreed to acquire Ramsdens Holdings PLC, a UK-based pawnbroker and financial services provider, in a recommended cash deal valued at up to approximately £206 million, the companies announced Tuesday.
Under the terms of the acquisition, Chess Bidco Limited, an indirect wholly-owned subsidiary of FirstCash, will acquire the entire issued and to be issued share capital of Ramsdens through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Ramsdens shareholders will receive 600 pence per share in cash, plus permitted dividends of up to 9 pence per share, comprising an interim dividend of 6 pence and a special dividend of 3 pence declared on June 3, 2026.
The cash consideration of approximately £203 million represents a 33% premium to Ramsdens’ closing price of 453 pence on the last business day before the offer period began. Including the permitted dividends, the total value represents a 35% premium to the same reference price.
The offer also represents a 46% premium to the three-month volume-weighted average closing price of 412 pence and a 58% premium to the 12-month average of 379 pence.
The acquisition values Ramsdens on a fully diluted basis at up to approximately £206 million and implies an enterprise value on a pre-IFRS 16 basis of up to approximately £203 million.
If the acquisition becomes effective before the permitted dividends are paid, Bidco has agreed to increase the cash consideration by the corresponding amount. However, Bidco reserves the right to reduce the consideration if any additional dividends or distributions are announced before the effective date.
The boards of both companies have approved the transaction, which remains subject to shareholder approval and customary regulatory clearances.
Ramsdens Holdings operates in foreign currency exchange, pawnbroking, precious metals purchasing, and retail jewellery sales, generating the majority of its revenue from the United Kingdom.
