Gowling WLG is advising long-standing client H&T Group PLC (AIM:H&T), the leading operator of pawn stores in the United Kingdom, on the proposed all-cash acquisition by FirstCash Holdings, Inc. (Nasdaq: FCFS) a leading international operator of over 3,000 retail pawn stores in the United States and Latin America.
The transaction, which is structured as a scheme of arrangement and governed by the UK Takeover Code, is subject to approval by H&T's shareholders as well as customary UK regulatory approvals, and is expected to close in the second half of 2025. The terms of the acquisition value the entire issued and to be issued share capital of H&T at approximately £297 million on a fully diluted basis.
H&T is the UK's largest pawnbroker and a leading retailer of high quality new and pre-owned jewellery and watches. This acquisition represents a compelling opportunity for FirstCash to expand its operations into the UK and the combination of FirstCash and H&T will create the largest publicly traded pawn platform in the US, Latin America and the UK.
The Gowling WLG team is being led by principal associate Alex Davidson and supported by Corporate partners Hugh Maule and Charles Bond, corporate associates Anna Plenderleith and Freddie Whittle and trainee solicitor Arianna Lorentzos. The wider Gowling team also includes competition partner Sam Beighton, banking legal director Angela Rawlins and financial services principal associate Sushil Kuner.
Hugh Maule, client partner, said: "We are absolutely delighted to be able to help H&T on the occasion of this momentous event in the 128th year of the life of the business. We have been working very closely with the management team for many years now and know how much hard work has been put in to give rise to a bid of this nature. Very many congratulations to the company and its management team"
Commenting on the deal, H&T CEO Chris Gillespie, said: "I and the whole management team would like to thank Gowling for their unstinting, professional and robust support, throughout the bid process. Their expertise and practical advice is rooted in extensive experience in advising AIM and other listed companies, and we have been impressed by their breadth of knowledge and their down to earth application of it, throughout."
Gowling WLG's dedicated Financial Services and Capital Markets Group, is recognised as one of the leading practices in London, with a particular emphasis on AIM and investment funds. With wide ranging experience, acting for both companies and nominated advisers on IPOs, secondary fundraisings, public takeovers as well as advising on ongoing compliance and corporate governance issues.
Gowling WLG is ranked third amongst all law firms for the total number of clients quoted on the London Stock Exchange, with 84 clients. Gowling WLG are also in the top three law firms for total AIM clients, and top five for the Main Market.