CORRECTED-Aaron's acquires Progressive Finance Holdings for $700 mln

Tue Apr 15, 2014 7:40am EDT

(Corrects first paragraph to say "Aaron's said it bought Progressive Finance Holdings", not "will buy")

April 15 (Reuters) - Aaron's Inc, a rent-to-own furniture and electronics retailer, said it bought Progressive Finance Holdings LLC from private equity firm Summit Partners for about $700 million in cash.

Aaron's said it expects the deal to add to its cash earnings per share from 2014.

Progressive provides web-based lease-to-own financing programs for retailers. The company services more than 5,500 retailers in the United States. (Reporting by Shailaja Sharma in Bangalore; Editing by Joyjeet Das)