07:43 AM EDT, 06/17/2024 (MT Newswires) -- Aaron's (AAN) stock jumped over 31% in recent premarket activity after the company said Monday that it has agreed to be acquired by fintech firm IQVentures for $10.10 per share in cash for an enterprise value of approximately $504 million.

The lease-to-own retailer said the price represents a 34% premium over its closing share price of $7.54 on Friday and a 35.6% premium over the stock's 90-day volume-weighted average share price.

The deal is expected to close by the end of the year, at which point Aaron's will become a privately held company and its common stock will no longer trade on the New York Stock Exchange. The company is also expected to continue operating under its existing brand names and maintain its headquarters in Atlanta, Georgia.

Price: 9.93, Change: +2.39, Percent Change: +31.70