Cintas Says All Regulatory Consents For G&K Services Acquisition Received

(RTTNews) - Corporate uniform supplier Cintas Corp. (CTAS) said it has received all necessary regulatory consents relating to the acquisition of G&K Services, Inc. (GK), with no divestiture requirements. The transaction is expected to close on Tuesday, March 21, 2017.

G&K Services shareholders previously voted to approve the transaction at its annual meeting of shareholders held on November 15, 2016.

G&K Services is a uniforms and facility services provider with over 170,000 customers in the U.S. and Canada and with annual revenue of roughly $1.0 billion.

In mid-August 2016, Cintas and G&K Services said they have entered into a definitive agreement under which Cintas will acquire all the outstanding shares of G&K Services for $97.50 per share in cash. The deal has a total enterprise value of about $2.2 billion, including acquired net debt.

Following completion of the transaction, Cintas expects to serve over one million customers in the U.S. and Canada as well as have annual revenue of more than $6.0 billion.