ATLANTA – The Aaron’s Company has entered a definitive agreement with fintech company IQVentures to be acquired for $10.10 in cash per share, or a value of approximately $504 million.
The Aaron’s Company’s Board of Directors has unanimously approved this transaction. It is expected to close before the end of the current year, subject to shareholder and regulatory approvals as well as other normal conditions. This transaction is not subject to financing.
The Aaron’s Company, once completed, will become a privately held company, and its stock won’t be traded on NYSE. The Aaron’s Company, after the closing, will continue to use its current brand names. Its headquarters will remain in Atlanta.
John W. Robinson III is the chairman of The Aaron’s Company’s board. He said, “We are delighted to announce this transaction, which provides significant and immediate value for our shareholders.” The board, with the help of its financial and legal advisers, conducted a thorough analysis of the strategic options available to them and determined that a sale of the company to IQVentures was the best option to maximize shareholder value.
IQVentures offers market-driven solutions based on the latest emerging technology and beneficial shared services to the entities it acquires.
Douglas Lindsay, CEO at The Aaron’s Company, said: “We believe IQVentures’ financial services expertise and resources will help the Company reach its long-term potential.” “Together, The Aaron’s Company and IQVentures will be better positioned for its omnichannel strategy as well as operational efficiency initiatives.”