Aramark Divests Ownership Stake In AIM Services For $535M

Shivani Kumaresan
1 min read
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In this article:

  • Aramark (NYSE: ARMK) has agreed to sell its 50% equity stake in AIM Services to Mitsui & Co., Ltd. (OTC: MITSY) for $535 million.

  • The company will use the proceeds from the transaction toward debt repayment.

  • AIM Services was established as a joint venture between Aramark and Mitsui Group companies in 1976 to provide food services to clients across various business sectors in Japan.

  • “Monetizing this non-controlling interest will enhance operating focus, strengthen our balance sheet through accelerated debt repayment, and will be accretive to earnings per share,” said John Zillmer, Aramark's CEO.

  • The transaction is anticipated to close at the beginning of Aramark's Q3.

  • The company held $329.5 million in cash and equivalents as of Sept. 30, 2022.

  • Aramark is scheduled to host its fiscal first-quarter earnings call on Feb. 7, 2023, at 8:30 a.m. ET.

  • Price Action: ARMK shares closed lower by 0.43% at $44.34 on Wednesday.

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This article Aramark Divests Ownership Stake In AIM Services For $535M originally appeared on Benzinga.com

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