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Grupo Elektra closes on Advance America buyout

SPARTANBURG, S.C. (AP) -- Financial services company Grupo Elektra S.A.B. de C.V. completed its acquisition of payday lender Advance America, Cash Advance Centers Inc. for approximately $658.4 million.

The companies announced the deal in February and at that time put the total value of the transaction at $780 million, which includes Advance America's outstanding debt.

Grupo Elektra paid $10.50 per share for each outstanding share of Advance America. The company currently has about 62.7 million outstanding shares, according to FactSet.

Grupo Elektra, which is based in Mexico City, is a provider of banking services, credit and other financial products to people in Mexico and in other Latin American countries, including Brazil, El Salvador, Guatemala, Honduras, Panama and Peru.

Advance America, founded in 1997, has about 2,600 cash advance centers in 29 states. The company previously said that it will keep its headquarters in Spartanburg, S.C. and that senior management, including president Patrick O'Shaughnessy, will remain in their roles.

Shares of Advance America shed 1 cent to $10.49 in midday trading on Monday.