The Aaron’s Company (NYSE:AAN) stock is jumping on Monday after the retail company announced a take-private deal with fintech organization IQVentures Holdings.
This deal will have IQVentures acquiring AAN stock for $10.10Â per share in cash. This is a 34% premium over their price closing price of $7.54 on Friday. It also brings the total enterprise value of the deal to $504Â million.
The Aaron’s Company’s Board of Directors has given its unanimous support for the take-private deal. This has it expecting the transaction to be completed by the end of the year.
IQVentures President Cory Miller said the following about the deal:
“We admire The Aaron’s Company’s industry-leading position, and we look forward to applying our knowledge and resources to better serve its customers. Douglas and his team have transformed the Company over the past few years, and we are excited to build on that transformation and work together to continue evolving and growing the business.”
AAN Stock Movement Today
AAN stock is up on Monday alongside heavy trading of the company’s shares. That includes some 5.5 million units on the move as of this writing. This is well above its daily average trading volume of about 233,000 shares.
AAN stock is up 32.7% as of Monday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
