Encore Capital To Take Controlling Stake In Grove Capital Management

(RTTNews) - Encore Capital Group, Inc. (ECPG) said Tuesday that it has entered into an agreement to take a controlling stake in Grove Capital Management, an investment group that purchases credit portfolios and has a focus on UK insolvencies and Spanish assets.

The deal is expected to close late in the first quarter or early in the second quarter of 2014.

The Grove deal will broaden Encore's presence in the UK and enable it to bring a full range of offerings to issuers in the UK market.

Separately, Encore Capital said that it has taken a controlling stake in Refinancia, a debt purchaser in Colombia and Peru. Encore purchased 51% of the company in December.