03:49 PM EDT, 09/26/2024 (MT Newswires) -- Propel Holdings ( PRLPF ) on Thursday it agreed to to acquire Stagemount, which does business as QuidMarket, a digital UK-based fintech lender specializing in credit for underserved consumers, for US$71 million and will pay for the acquisition with a $100 million bought-deal offering of subscription receipts.

The existing management team at QuidMarket will continue to operate the business and the company believes the acquisition will be immediately accretive to Propel's 2024 and 2025 Adjusted Earnings Per Share.

The acquisition is to be financed through concurrent bought-deal offering of 3.64-million subscription receipts priced at $27.50 to raise $100 million.

"The acquisition of QuidMarket will accelerate Propel's growth and is a critical step in our journey to becoming a global leader," said Chief Executive Officer Clive Kinross "When we went public three years ago, we set a goal to grow globally. As disciplined operators with a track record of profitable growth, this acquisition had to meet our strict acquisition criteria including a favourable operating jurisdiction, a strong cultural fit and to be financially accretive to our shareholders."

The company's shares were last seen up $0.32 to $31.05 on the Toronto Stock Exchange.

Price: 31.05, Change: +0.32, Percent Change: +1.04