K&L Gates, Paul Weiss Helps Mexican Billionaire Acquire Advance America
Advance America, one of the biggest payday lenders in the country, is now going to be owned by Mexican billionaire Ricardo Salinas Pliego. Pliego's company - Grupo Elektra, offers financial services and retail banking. The company is going to acquire Advance America for $780 million, which includes the firm's debt.
Mexico-City based Grupo Elektra was advised on the deal by Paul Weiss, led by the firm's deputy corporate chair Ariel Deckelbaum. Spartanburg, South Carolina based Advance America was advised by K&L Gates, led by corporate partners D. Mark McMillan and Merrick Hatcher.
Documents filed with the SEC show that Grupo Elektra is going to pay $655 million in cash for the company. The sale will be finalized after shareholder and regulatory approvals expected to take place by June this year.