From Home Furnishing Business
Aaron’s to Split into Two Companies
Rent-to-own major Aaron's, Inc. (NYSE: AAN) has announced that it intends to separate into two independent, publicly-traded companies: Progressive Leasing and Aaron's Business.
Both companies are expected to benefit from improved strategic focus, market-leading positions, strong free cash flow generation and well-capitalized balance sheets, enabling each to unlock substantial value creation opportunities. The separation is planned as a tax-free spin-off of Aaron's to the company's shareholders and is expected to be completed by the end of the year.
"I'm proud that we have built two strong businesses, both of which are well-positioned for long-term success as independent companies," said John Robinson, president and CEO of Aaron's, Inc. "The board and management team believe that separating Progressive and Aaron's will enhance long-term shareholder value and is the next logical step in the evolution of our organization."