Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.

Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.

Mexican billionaire Ricardo Salinas Pliego is starting for company within the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America–the biggest payday lender in the U.S.

Stockholders authorized the $780 million price Grupo Elektra available in February, a figure that features all outstanding stocks regarding the US company and payment for the organization’s debt. You will have no instant modifications to the firm that is american operations, and CEO Patrick O’Shaugnessey has consented to stick to board, states Elektra spokesman Daniel McCosh.

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Grupo Elektra ranks 802 on our set of the planet’s Biggest Public Companies, and its particular latest purchase appears an all-natural complement Salinas’ profile of profitable companies. A television station, a cell phone company, and his bank in Mexico, Salinas oversees his family-founded Elektra retail chain, which sells washers and dryers at low weekly rates plus interest, as well as a prolific motorcycle scooter plant. 10 years ago, Salinas launched Banco Azteca branches inside their Elektra stores that are retail started providing economic solutions to Mexico’s bad. More