Cintas to Buy Uniform Maker UniFirst in $5.5 Billion Deal (1)

Cintas Corp. agreed to buy UniFirst Corp. in a cash-and-stock deal valuing the uniform supplier at $5.5 billion, clinching a years-long pursuit of its rival.

UniFirst shareholders will receive $155 in cash and 0.7720 shares of Cintas stock for each UniFirst share they own, according to a statement on Wednesday. This represents a combined value of $310 per share based on Cintas’ closing price on Monday.

On Wednesday, UniFirst’s stock rose as much as 7.8% to $278.09, while Cintas fell 1.4%.

The transaction is expected to close in the second half of this year, subject to ...