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Cash America buying pawn lending shops in Texas

FORT WORTH, Texas (AP) -- Cash America International Inc., a pawn shop operator and payday lender, is buying 41 pawn lending shops in Texas from TDP Superstores Corp. for about $102.5 million to further expand its presence in the region.

The 41 shops operate mostly under the Top Dollar Pawn name.

"This group of 41 stores allows us to grow our presence in many of the key markets in Texas where licensing restrictions exist," Cash America President and CEO Daniel Feehan said in a statement.

Top Dollar Pawn has 15 stores in Houston, 13 stores in Dallas-Fort Worth, five stores in San Antonio and eight in other central Texas markets.

Cash America has 257 of its 828 U.S. lending locations in Texas. It anticipates the transaction adding to its earnings following the closing.

The acquisition is expected to be completed in the third quarter.

Shares of Cash America, based in Fort Worth, Texas, shed 47 cents to $46 in Monday morning trading.