Rent-A-Center to Acquire Merchants Preferred

Rent-A-Center (Plano, Texas) announced that it has “inked a definitive agreement” to acquire Merchants Preferred (Atlanta), Retail Dive reports. The virtual rent-to-own company was acquired by Rent-A-Center in a deal that is valued at a reported $47.5 million.

Rent-A-Center obtained the company for $28 million in cash, as well as with a minimum of 701,918 shares of Rent-A-Center’s common stock, according to Retail Dive.

The acquisition will officially close in the third quarter and has already been approved by Rent-A-Center’s board of directors, according to a company press release, and reported by Retail Dive.