Aaron's, Inc. Invests in U.K. Company for $15.4M

Aaron's, Inc. (NYSE: AAN), today announced that it has reached an agreement to purchase 11.5% of Perfect Home Holdings Limited, a privately-held U.K. rent-to-own company.

Aaron's will pay ten million British pounds, or approximately US$15.4 million at current exchange rates, for its interest in PerfectHome and will have an option to increase its ownership in the future. The funds will be primarily used by PerfectHome to accelerate the growth of its store openings. The closing of the transaction requires regulatory approval which is currently being sought.  The transaction will be effective only following Aaron's obtaining such approval. The investment will be recorded as an asset on Aaron's balance sheet.