OFT clears PaydayUK’s US deal
Originally posted by 5corpio
OFT clears PaydayUK’s US deal
The Office of Fair Trading has given the all clear for short-term lender PaydayUK to be sold to US-based Dollar Financial Corp.

The OFT clearance means that the pay day loan business can be transferred to Dollar without any additional issues. Dollar said in January that it was to acquire Purpose UK Holdings Limited, the parent company of Month End Money which operates under the trade name PaydayUK in a deal worth $195m (£126m).

The initial funding for the purchase is expected to be provided by a combination of cash on the balance sheet and a draw down from Dollar’s recently expanded global revolving credit facility. The deal will be finalised in the next 30 days.