ELVT - Elevate Credit stock soars after hours after agreeing to be taken private in $67M deal
- Elevate Credit ( NYSE: ELVT ) on Wednesday said it had agreed to be taken private by an affiliate of Park Cities Asset Management LLC in an all-cash deal at an implied value of $67M.
- Park Cities is an alternative asset manager that focuses on companies in the specialty finance and fintech sectors.
- Park Cities will acquire ELVT for $1.87 per share, which represents a 76.4% premium to ELVT's last closing price of $1.06.
- Shares of Elevate Credit ( ELVT ) advanced ~66% to $1.76 after hours.
- Fort Worth, Texas-based ELVT provides non-prime credit. According to the company, it has originated $10B in non-prime credit to more than 2.7M non-prime consumers.
- The deal, which was approved by ELVT's board, is expected to close in Q1 2023.
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Elevate Credit stock soars after hours after agreeing to be taken private in $67M deal