Cintas, UniFirst fall after report that FTC will sue to block $5.5 billion deal
UNF•Cintas shares fell about 4% and UniFirst shares about 8% after the FTC indicated it would sue to block Cintas’ $5.5 billion acquisition of UniFirst, Semafor reportedly said, citing people familiar with the matter.
1. FTC concerns
FTC staff have privately expressed concerns about the companies’ combined market share, the report said. The FTC has not voted on the decision.
2. Deal background
The acquisition aimed to combine two of North America’s largest workwear and facility services providers. Cintas had made at least three formal approaches since 2022, and the deal was expected to close by the end of the year.
