Mexico's AlphaCredit buys 95 percent of Finmart from EZCORP

Mexican financing company AlphaCredit has clinched a deal to acquire 95.6 percent of local consumer lender Grupo Finmart from EZCORP Inc (EZPW.O) and minority shareholders, the companies announced on Tuesday.

The deal is subject to approval by Mexico's Federal Commission of Economic Competition.

Finmart is valued in total at US$50 million, according to EZCORP and Finmart, and the acquisition expands AlphaCredit's presence in the consumer lending sector.

Alpha Credit, which is headquartered in Mexico City, holds a credit portfolio of 1.6 billion pesos (US$87.52 million).