Cash America to buy Mexican pawnshop chain

Cash America, which operates more than 500 pawnshops and cash advance centers in the United States, said it expects the stake in the 100-store Prenda Facil chain to add to its 2009 results.

"We have found a vehicle which would immediately establish a significant presence in Mexico, which is under the direction of a proven management team and has the potential for significant unit growth in the near term and for the years to come," Cash America's president and chief executive, Dan Feehan, said in a statement.

The deal is expected to close late in the fourth quarter of 2008.

Cash America shares fell $1.13, or 3 percent, to $36.86 in morning trading.