Atlanticus (ATLC) announced that it has acquired Mercury Financial. At the closing, Mercury became a wholly-owned subsidiary of Atlanticus. As a result of the transaction, Atlanticus added 1.3M credit card accounts serviced and $3.2B in credit card receivables, bringing its total serviced accounts to over 5M and its total managed receivables to over $6B. Consideration for the transaction includes a cash purchase price of approximately $162M. The seller of Mercury may also be entitled to receive future earn-out payments if portfolio credit performance exceeds Atlanticus’ base case assumptions.
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