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Aramark Divests Ownership Stake In AIM Services For $535M

Author: Shivani Kumaresan | February 02, 2023 06:42am

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.

Posted In: ARMK MITSY