Stock Alert: Rent-A-Center Climbs 11% On Acima Acquisition

(RTTNews) - Shares of lease-to-own provider of household durable goods Rent-A-Center, Inc. (RCII) are climbing more than 11% Monday morning after the company has agreed to buy Acima Holdings LLC, a leading provider of virtual lease-to-own solutions.

The stock touched a new high of $40.33 this morning.

Rent-A-Center will pay Acima about $1.27 billion in cash and nearly 10.8 million shares of the company common stock currently valued at $377 million.

The transaction is expected to close in the first half of 2021.

Acima expects its annual revenue to be $1.25 billion in 2020, a huge growth from $97 million in 2016.