09:03 AM EDT, 03/11/2026 (MT Newswires) -- Cintas ( CTAS ) on Wednesday agreed to acquire UniFirst ( UNF ) in a cash-and-stock deal worth about $5.5 billion as the uniform supplier aims to expand service capabilities.

Shareholders of UniFirst ( UNF ) will receive $155 in cash and 0.7720 shares of Cintas ( CTAS ) for each share they own, the firms said in a joint statement. The transaction represents a combined value of $310 a share, based on Cintas' ( CTAS ) closing price on Friday.

UniFirst's ( UNF ) stock climbed 6.6% in the most recent premarket activity, while Cintas ( CTAS ) declined 1.7%.

"This agreement marks a critical step in realizing substantial value for shareholders and customers," Cintas ( CTAS ) Chief Executive Todd Schneider said in the statement. "By combining, we will be better positioned to drive growth and deliver on efficiencies that will benefit our collective customers and employee-partners."

In December, Cintas ( CTAS ) said it remained interested in buying UniFirst ( UNF ) for $275 per share, reiterating the valuation it proposed in January 2025. The company first expressed its interest in purchasing UniFirst ( UNF ) in February 2022.

"As we spent time with Todd and the Cintas ( CTAS ) leadership team, it became clear that there is a deep alignment in purpose and core priorities between our two companies," according to UniFirst ( UNF ) CEO Steven Sintros. "Bringing together these successful, family-founded businesses will create meaningful benefits for our people and communities."

The deal, which requires approval from UniFirst ( UNF ) shareholders and clearance from regulators, is expected to complete in the second half. Entities affiliated with the Croatti family, which own two-thirds of the voting power of UniFirst's ( UNF ) shares and class B stock, have agreed to vote in favor of the transaction.

The companies plan to integrate route networks, processing capacity, service infrastructure, supply chains and technology investments. Cintas ( CTAS ) estimates the acquisition to be accretive to its earnings on a per-share basis by the end of the second year after completion, and projects operating cost synergies of about $375 million within four years.

In addition, Cintas ( CTAS ) said it recorded preliminary revenue of $2.84 billion for its fiscal third quarter ended Feb. 28, up from $2.61 billion a year earlier. The consensus on FactSet is for sales of $2.82 billion. The firm is scheduled to release its full quarterly results on March 25.

UniFirst ( UNF ) is slated to announce its fiscal second-quarter results at the beginning of next month. As a result of the proposed deal, the company will not offer guidance going forward or hold conference calls.