Benzinga | Jul 29, 2020 07:16AM EDT

Aaron's, Inc. Announces Intent To Separate Into Two Public Companies

ATLANTA, 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.