IQVentures to Acquire Aaron's in Take Private Transaction

On June 17, 2024, The Aaron’s Company, Inc. (NYSE: AAN) (“Aaron’s”) announced that it has entered into an agreement to be acquired by our client, IQVentures Holdings, LLC (“IQVentures”), a leading fintech organization, for $10.10 per share in cash, or an enterprise value of approximately $504 million. Upon completion of the transaction, Aaron’s will become a privately held company, and its common stock will no longer be traded on NYSE. It is expected that Aaron’s will continue to operate under its existing brand names and will maintain its headquarters in Atlanta, GA.

King & Spalding had previously advised Aaron’s on numerous matters, including most recently, its separation into two publicly-traded companies, Aaron’s and current King & Spalding client, PROG Holdings, Inc. (NYSE: PRG).

Aaron’s, founded in 1955 and publicly traded since 1982, is a leader in the lease ownership of name brand furniture, consumer electronics, and home appliances through its company-operated and franchised stores across the US and Canada.

IQVentures, headquartered in Columbus, Ohio, is a venture capital and private equity fund that invests in and builds the next generation of technology and companies that help shape the future.

The King & Spalding team advising IQVentures on the take private transaction includes Cal Smith, Erik Belenky, John Anderson, Billy Padula, Umbar Malik, and Savannah Padgett. A press release announcing the transaction can be found here.