Aaron’s to be acquired by IQVentures for $10.10 per share in cash

The Aaron’s Company announced that it has entered into a definitive agreement to be acquired by IQVentures Holdings for $10.10 per share in cash, or an enterprise value of approximately $504 million. The price represents a premium of 34.0% over the Company’s closing share price of $7.54 on June 14, 2024 and a premium of 35.6% over the Company’s 90-day volume-weighted average share price. The transaction was unanimously approved by the Board of Directors of The Aaron’s Company and is expected to close by the end of the year, subject to shareholder approval, regulatory approval and other customary closing conditions. The transaction is not subject to a financing condition. Upon completion of the transaction, The Aaron’s Company will become a privately held company, and its common stock will no longer be traded on NYSE. “We are pleased to announce this transaction with IQVentures, which delivers significant and immediate value to our shareholders,” said John Robinson III, Chairman of the Board of The Aaron’s Company. “While we have performed well in a challenging operating environment, our Board has consistently evaluated the Company’s standalone plan against other strategic opportunities, including recently engaging with a range of potential partners. With the assistance of our financial and legal advisors, the Board conducted a thorough review of our strategic options and ultimately determined that a sale to IQVentures represented the best way to maximize shareholder value.”