Aaron's (AAN) to Separate into Two Public Companies
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Aaron's, Inc. Announces Intent to Separate into Two Public Companies
July 29, 2020 7:10 AM EDTATLANTA, July 29, 2020 /PRNewswire/ -- Aaron's, Inc. (the "Company") (NYSE: AAN), a leading omnichannel provider of lease-purchase solutions, today announced that it intends to separate into two independent, publicly-traded companies: Progressive Leasing ("Progressive") and the Aaron's Business ("Aaron's"). 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.Â
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