Holding Portfolio Recovery Associates (NASDAQ:PRAA) hasn't been particularly rewarding over the past few months, even though PRA remains the best-run receivables collection company out there. The stock enjoyed a good run as the company managed to exceed expectations, but performance has petered out as those expectations get dialed in more closely and the receivables market gets more competitive.
Now it looks like PRA is leaping ahead into its next phase of life. The company has been very slow to exploit its acquisition of UK-based MacKenzie Hall and drive real growth outside the U.S., but the $1.3 billion acquisition of Norway's Aktiv Capital shows a very real commitment to becoming a global collection champion. There isn't quite enough information...
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