macro

Cintas to Acquire UniFirst in $5.5B Cash-and-Stock Deal

March 11, 20261 min readQuick Read

Fazen Markets Research

AI-Enhanced Analysis

CintasUniFirstcash-and-stock dealacquisitionmerger

Key Takeaways

1Cintas’ 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.

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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.