Atlanticus Holdings Corporation announced September 17 that it had completed the sale of CAR, its entire Auto Finance segment, to an unaffiliated buyer for approximately $71.2 million. The consideration consists of $56.2 million in cash, about 78.9% of the total, and a $15 million seller note making up the remaining 21.1%. Atlanticus plans to use the cash to reduce debt and invest in higher-growth product lines, including retail and healthcare private-label credit and general-purpose credit cards. Approximately 154 employees associated with CAR are transitioning to the buyer. The company reported second-quarter interest expense of $123.4 million, compared with $53.7 million a year earlier, and the sale announcement did not quantify an earnings-accretion estimate or disclose the seller note's interest rate, maturity or security.
Atlanticus Holdings CorporationAtlanticus completed the $71.2M sale of its Auto Finance unit, using cash to cut debt and fund higher-growth credit product lines.
CTBC Financial Holding Co Ltd