Encore Capital Unit Buys Marlin Financial Group For About $481 Mln Cash

(RTTNews) - Specialty finance company Encore Capital Group, Inc. (ECPG) said Monday that its subsidiary, U.K.-based Cabot Credit Management, acquired Marlin Financial Group for about $481 million. The deal, which is expected to be accretive to Encore's 2014 earnings per share, was fully financed by debt incurred by Cabot. Encore acquired a controlling stake in Cabot in July 2013.

Encore also said, as part of the agreement, Ken Stannard, Marlin's CEO, has been appointed CEO of Cabot, with Neil Clyne, Cabot's current CEO, stepping down to pursue other interests.

Cabot's acquisition of Marlin expands Encore's strong presence in the high-growth U.K. and Irish markets, which together comprise the largest mature credit market in the world after the U.S.