Rent-a-Center Agrees to Buy Fintech Company Acima for $1.3B

Rent-A-Center agreed to buy financial tech company Acima for $1.27 billion in cash and about 10.8 million shares of Rent-A-Center common stock valued at $377 million, it said Sunday. Acima, which operates in over 15,000 retail partner locations and e-commerce platforms, expects 2020 revenue of $1.25 billion. Acima will continue to operate out of Salt Lake City and will incorporate Rent-A-Center's "complementary" Preferred Dynamix platform to create a “frictionless LTO [lease-to-own] experience for consumers and retail partners," said the companies. After closing, the current Acima management team will report to Preferred Dynamix Executive Vice President Jason Hogg. Shares closed 11.4% higher Monday at $39.24.