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CURO Group to acquire Ad Astra Recovery Services for $15.8M

CURO Group Holdings Corp. agreed to acquire Ad Astra Recovery Services Inc. for a base purchase price of about $15.8 million.

CURO Group expects the acquisition to be accretive to 2020 pretax earnings by approximately $5.0 million to $6.0 million, or 8 cents to 10 cents of net income per share.

Ad Astra provides third-party account servicing and recovery for CURO Group's owned and managed loans in later-stage delinquency. CURO Group is Ad Astra's only client. Ad Astra's 81 employees will join CURO Group's team in Wichita, Kan.

Each of the sellers of Ad Astra — Doug Rippel, Chad Faulkner and Mike McKnight — are founders and significant shareholders of CURO Group and members of its board. Rippel serves as CURO Group's executive chairman. The board formed a committee of independent directors with independent legal and financial advisers to negotiate the deal and determined it to be in CURO Group's best interests. Disinterested members of the company's board voted unanimously to approve the deal.