10:22 AM EST, 11/15/2024 (MT Newswires) -- Propel Holdings ( PRLPF ) on Friday said it has completed acquisition of Stagemount (dba QuidMarket), a UK-based fintech lender specializing in credit for underserved consumers. The final purchase price was US$71 million, excluding closing adjustments, and was paid in cash.

"The closing of the acquisition of QuidMarket is a critical step in our journey to become a global leader in building financial opportunity. A leading UK fintech lender, QuidMarket is focused on the 20 million underserved consumers in the UK. Backed by Propel's AI-powered technology, financial and operational expertise, and capital resources, we believe QuidMarket will be able to accelerate its growth while broadening access to credit for more underserved consumers," said Clive Kinross, CEO of Propel.

The acquisition will be immediately accretive, on a pro forma adjusted basis, and excluding transaction costs and before any synergies.

The purchase price for the acquisition was funded from the proceeds of Propel's C$115 million bought deal offering of subscription receipts, which closed on Oct. 3.

With the acquisition closed, each holder of a subscription receipt will receive one common share of Propel and a C$0.15 dividend per share payable on Dec. 4.

Propel was at last look down $0.42 or 1% to $35.29, on the Toronto Stock Exchange.

Price: 35.30, Change: -0.26, Percent Change: -0.73