News Column

BRIEF: PRA stock up 18 percent on news of European deal

February 20, 2014

By Dave Mayfield, The Virginian-Pilot



Feb. 21--Shares of Norfolk-based Portfolio Recovery Associates Inc. soared Thursday in Nasdaq trading, a day after the company announced a $1.3 billion deal to buy a Norwegian debt-collection firm.

PRA's shares closed Thursday at $59.40 each, up about 18 percent. About 4 million shares in the company changed hands -- eight times the average volume.

In the biggest deal in its history, PRA said Wednesday that it will buy Aktiv Kapital AS, based in Oslo. The company operates in 14 European countries and Canada.

The combined companies would have $4.6 billion in estimated remaining collections on their books, increasing PRA's existing potential collections by more than 70 percent.

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Source: Virginian-Pilot (Norfolk, VA)


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