M&A · Industrials · Services-Equipment Rental & Leasing, NEC
IQVentures Holdings, LLC to acquire Aaron's Company, Inc.
Announced Jun 17, 2024 · Closed Oct 3, 2024
Deal value$504MEV $504M
Premium34.0%To unaffected price
EV / Adj. EBITDA4.3x0.2x EV / Revenue
ConsiderationAll cash$10.10 per share
Transaction
- Acquirer
- IQVentures Holdings, LLC
- Target
- Aaron's Company, Inc. (AAN)
- Buyer type
- Strategic
- Offer price per share
- $10.10
- Enterprise value
- $504M
- Status
- Closed Oct 3, 2024
Deal protections
- Break fee (target pays)
- $12.5M · 2.5%
- Reverse fee (buyer pays)
- $22.0M · 4.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Stephens
- To the target
- JPMorgan
- JPMorgan fee
- $10.1M
Sector context · Industrials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 34.0% vs. 39.5% sector median
- EV / Adj. EBITDA
- 4.3x vs. 9.9x sector median
- Break fee
- 2.5% vs. 2.8% sector median
Timeline
- AnnouncedJun 17, 2024
- Proxy filedJul 31, 2024
- Definitive proxyAug 13, 2024
- Shareholder voteSep 25, 2024
- ClosedOct 4, 2024
Valuation · fairness opinions
Discounted cash flow$4.50$7.00
Offer $10.10
Implied value per Aaron's Company, Inc. share by analysis, from JPMorgan · DCF discount rate 10%–12%.