March 11, 2026 — 10:45 AM UTC (Updated 1:51 PM UTC)
Deal summary
Cintas Corp. agreed to acquire UniFirst Corp. in a cash-and-stock transaction that values UniFirst at $5.5 billion. The agreement closes a years-long pursuit of the rival uniform supplier and combines cash and equity consideration to UniFirst shareholders.
Key transaction terms
- Deal value: $5.5 billion.
- Consideration per UniFirst share: $155 in cash plus 0.7720 shares of Cintas stock.
- Implied combined value per UniFirst share: $310, based on Cintas’ closing price on Monday.
- Structure: cash-and-stock transaction; full details provided in the companies’ statements on March 11, 2026.
Quick, quotable takeaways
- "The transaction values UniFirst at $5.5 billion."
- "UniFirst shareholders will receive $155 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own."
- "The deal implies $310 per UniFirst share based on Cintas’ closing price on Monday."
Why this matters for investors and traders
- Fixed cash component ($155) provides immediate, known value per share for UniFirst holders.
- Equity component (0.7720 Cintas shares) links a portion of consideration to Cintas’ market performance, creating ongoing exposure to the combined company’s equity.
- The $310 implied per-share figure offers a clear benchmark for valuation comparisons and arbitrage considerations.
Reporting notes
- Time stamps reflect initial publication and an intraday update on March 11, 2026.
- Core financial terms and the $5.5 billion valuation are drawn from the companies’ March 11 statements.
Actionable considerations for analysts
- Model the post-deal pro forma share count impact using 0.7720 exchange ratio per UniFirst share.
- Use $155 cash per share as a floor valuation for UniFirst shareholders in scenarios that isolate the cash component.
- Monitor Cintas’ share price movements to assess changes in the implied combined per-share value beyond the Monday close used in the deal math.
Bottom line
Cintas’ cash-and-stock acquisition of UniFirst establishes a definitive transaction price that values UniFirst at $5.5 billion and offers UniFirst shareholders a blended cash and equity payout totaling an implied $310 per share based on Cintas’ recent close.
