8-K
filed October 2, 2023, 7:59 PM ET
ticker ARMK
CIK 0001584509
M&A
confidence high
sentiment neutral
materiality 0.90
Aramark (ARMK): M&A transaction — Aramark completes spin-off of Vestis uniforms business; 1:2 ratio
Aramark
- Distribution of 130,725,188 Vestis shares effective 12:01 a.m. ET on Sept. 30, 2023.
- Stockholders received 1 share of Vestis (VSTS) for every 2 shares of Aramark (ARMK) held on Sept. 20, 2023.
- Spin-off intended to be tax-free for U.S. federal income tax purposes, except cash for fractional shares.
- Vestis began regular-way trading on NYSE under VSTS on Oct. 2, 2023.
- Aramark filed pro forma financials reflecting Vestis as discontinued operations for all periods.
Key facts
Extracted from this filing and checked against the source text.
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Aramark completed a disposition involving Vestis Corporation (closed 2023-09-30).
- Action
- disposition
- Counterparty
- Vestis Corporation
- Closing
- 2023-09-30
Exact text from the filing
On September 30, 2023, the Company completed the Distribution of shares of Vestis Common Stock to the Company’s stockholders on the Record Date in accordance with the Separation and Distribution Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Aramark entered into Transition Services Agreement with Vestis Corporation (effective 2023-09-29).
- Action
- entry
- Counterparty
- Vestis Corporation
- Effective
- 2023-09-29
Exact text from the filing
On September 29, 2023, the Company and Vestis entered into a Transition Services Agreement (the “Transition Services Agreement”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Aramark entered into Separation and Distribution Agreement with Vestis Corporation (effective 2023-09-29).
- Action
- entry
- Agreement
- supply
- Counterparty
- Vestis Corporation
- Effective
- 2023-09-29
Exact text from the filing
On September 29, 2023, the Company and Vestis entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Aramark entered into Tax Matters Agreement with Vestis Corporation (effective 2023-09-29).
- Action
- entry
- Counterparty
- Vestis Corporation
- Effective
- 2023-09-29
Exact text from the filing
ompleted the previously announced separation of its uniforms and workplace supplies business (the “Separation”) through the pro rata distribution (the “Distribution”) of 130,725,188 shares of common stock, par value $0.01 per share (“Vestis Common Stock”), of Vestis Corporation (“Vestis”) to the stockholders of record of the Company as of the close of business on September 20, 2023 (the “Record Date”).
View on SEC.gov
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