Prospect Capital (PSEC) and QC Holdings have signed a deal under which a portfolio company of Prospect will acquire the latter in an all-cash transaction for $2 per share, for a total of about $115 million in enterprise value, the companies said Friday.
The transaction, unanimously approved by the board of QC Holdings, is expected to be completed in 40 to 60 days, the companies added.
Upon deal completion, QC will remain headquartered in Lenexa, Kansas, and continue to be led by its Chief Executive Darrin Andersen. QC operates in the US as LendNation at over 325 retail locations in 12 states, according to the companies.
Prospect's stock was 2.3% higher in recent Friday premarket activity.
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