Advance America's stockholders, approved the transaction,
which complies with all closing conditions and required
regulatory approvals. The acquisition, which includes all
outstanding shares and the repayment of the company's debt,
was completed for approximately US$780 million.
Advance America is a widely recognized brand throughout the
United States, noted for its high customer satisfaction
levels, a qualified staff of professionals, strong track
record of regulatory compliance and a commitment to community
throughout the United States. The company provides
affordable, reliable and convenient short-term credit to the
financially underserved, through approximately 2,600 points
of sale in 29 US states. Advance America grants about 10
million loans every year.
Advance America's revenue for 2011 was US$626 million, with
EBITDA of US$123 million, resulting in a 20% EBITDA margin.
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Grupo Elektra is considering the implementation of strategies
to further improve the already successful operations of
Advance America. Grupo Elektra also plans to generate
significant synergies and strengthen Advance America's
dynamic development, by implementing initiatives that have
proven their efficiency in banking operations in Mexico,
Guatemala, El Salvador, Honduras, Panama, Peru and
Brazil.
The company considers this transaction in the United States
to be timely given the current pricing of US financial sector
assets. The acquisition of Advance America will increase and
diversify Grupo Elektra's consolidated revenue, further
strengthening its profitability and cash generation, and
drive solid growth prospects.
About Grupo Elektra
Grupo Elektra (www.grupoelektra.com.mx) is Latin America's leading specialty retailer and financial services company focused on the underserved market. Grupo Elektra operates over 2,900 points of sale in Mexico, Brazil, Guatemala, Honduras, Peru, Panama, El Salvador and Argentina. Grupo Elektra also sells and markets its consumer finance, banking and financial products and services through Banco Azteca branches located in Mexico, Brazil, Panama, Guatemala, Honduras, Peru and El Salvador.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx) and Grupo Iusacell (www.iusacell.com.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Inquiries - Grupo Elektra Bruno RangelGrupo Salinas
Tel. +52 (55) 1720 9167 jrangelk@gruposalinas.com.mx
Tristán CanalesGrupo Salinas
Tel. +52 (55) 1720-1441 tcanales@gruposalinas.com.mx
Investor Relations
Press Relations
Carlos CasillasGrupo Salinas
Tel. +52 (55) 1720 0041 cjcasillas@gruposalinas.com.mx
Daniel McCoshGrupo Salinas
Tel. +52 (55) 1720-0059 dmccosh@gruposalinas.com.mx
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