Dorchester agrees to buy EC Credit for $18.5M in cash, stock and earn-outs

Dorchester agrees to buy EC Credit for $18.5M in cash, stock and earn-outs
Sept. 28 (BusinessDesk) - Dorchester Pacific, which avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, has agreed to buy debt collection company EC Credit Control from its owner-manager for $18.5 million in cash, stock and earn-outs. The deal will be paid with 60 percent cash and 40 percent Dorchester shares, with about $8 million of the total determined by earn-outs over two years, the Auckland-based company said in a statement today. The acquisition would contribute to profit in the second half and ensure Do...