Encore Capital Group Closes Acquisition of Asset Acceptance
June 13, 2013 – Encore Capital Group, Inc. (NASDAQ: ECPG) announced today that it has closed its acquisition of Asset Acceptance Capital Corp. All operating subsidiaries of Asset Acceptance are now part of Encore Capital Group. Combined, Encore and Asset Acceptance have purchased over 60 million individual consumer accounts, including credit card, telecommunications, consumer loans and other related assets, with a face value of over $130 billion.
“The acquisition of Asset Acceptance provides us not only with an additional portfolio, but also with valuable operations capabilities and synergy opportunities,” said Encore’s President and CEO Ken Vecchione. “Consumers also stand to benefit as we extend Encore’s industry-leading Consumer Bill of Rights to millions more people who are on their way to financial recovery.”
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Under the terms of the agreement, Encore acquired Asset Acceptance for $6.50 per share, a total equity value of approximately $200 million. This represents a 24 percent premium to Asset Acceptance’s 30-day volume weighted average share price. At the time of the acquisition announcement, Asset Acceptance had Estimated Remaining Collections of $1 billion.
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Asset Acceptance Recovery Services, a wholly owned subsidiary of AACC, is a comprehensive, nationwide legal collections solution.