Cash Converters (ASX:CCV) has entered into an agreement to acquire the Cash Converters New Zealand Master Franchisor.

Cash Converters currently holds a 25% interest in all aspects of the NZ enterprise and will acquire the remaining 75% interest for a purchase price up to $15.5M.

The transaction will be paid using the company?s cash reserves and is expected to be completed later in the year.

Cash Converters say other domestic and international franchise acquisition targets remain under review.