| Apr 15 | retail
ATLANTA and DRAPER, Utah – Home furniture and appliance lender Aaron's In (NYSE:AAN) announced this morning that it has acquired web-based merchandise financier Progressive Finance Holdings, LLC ("Progressive") in an all-cash transaction valued at approximately $700 million.
With 2,130 company-owned and franchised stores in 48 states and Canada, Aaron's will operate Progressive as a wholly-owned subsidiary. John Robinson, Progressive's Chief Executive Officer, will join the Aaron's leadership team as executive vice president and CEO of Progressive, reporting directly to Ronald W. Allen, chief executive officer of Aaron's.
"This is a highly complementary and transformative acquisition for Aaron's, and we are eager to capture the significant...