Katapult Holdings to Combine with The Aaron’s Company and CCF Holdings in All‑Stock Transaction

Davis Polk advised Katapult Holdings, Inc. in its proposed combination with The Aaron’s Company, Inc. and CCF Holdings LLC. The transaction is an all‑stock combination. Under the terms of the agreement, upon closing current Katapult stockholders will own 6% of the combined company on a fully diluted basis, and the stakeholders of Aaron’s and CCF Holdings will own the remaining interest. Aaron’s and CCF Holdings will become subsidiaries of Katapult, which is expected to continue trading on NASDAQ under the ticker symbol KPLT. The transaction is expected to close in the first half of 2026, subject to receipt of requisite stockholder and regulatory approvals and satisfaction of other customary closing conditions. Katapult is a technology‑driven lease‑to‑own platform that integrates with omni‑channel retailers and e‑commerce platforms to support purchases of everyday durable goods for underserved U.S. non‑prime consumers. Through point‑of‑sale integrations and its mobile app featuring Katapult Pay, the platform enables consumers who may lack access to traditional financing to shop a growing network of merchant partners. Katapult operates exclusively in the United States, with its platform available to consumers in 46 states and the District of Columbia. Aaron’s is a technology‑enabled, omni‑channel provider of lease‑to‑own and retail purchase solutions for furniture, electronics, appliances and other home goods across its Aaron’s and BrandsMart brands. Aaron’s delivers direct‑to‑consumer lease‑to‑own and retail solutions through approximately 1,200 company‑operated and franchised stores in 47 states and Canada, as well as via its e‑commerce platform Aarons.com. BrandsMart is a leading appliance and consumer electronics retailer in the southeastern United States, with stores in Florida and Georgia. CCF Holdings provides alternative financial services to unbanked and underbanked customers. Formed in 2018 as the successor to Community Choice Financial Inc., CCF Holdings owned and operated 1,598 retail locations and offered online financial services across 30 states as of June 30, 2025. Its retail and online networks deliver secured and unsecured short‑term and medium‑term consumer loans, check cashing, prepaid debit cards and other services tailored to the specific financial needs of its customers. Davis Polk represented Katapult Holdings, Inc. with a team composed by: Partner Paul S. Scrivano (corporate), associates Joseph G. Marano, Dove Barbanel and Joon Ko (corporate associates), Partner Nicole Brookshire (capital markets), Partner Caitlin L. Wood (equity derivatives), Partner Jennifer S. Conway and Counsel Christina Andersen (executive compensation), Partner Corey M. Goodman (tax), and Partner Hilary Dengel (sponsor finance). Members of the Davis Polk team are based in the Northern California and New York offices.

Katapult Holdings to Combine with The Aaron’s Company and CCF Holdings in All‑Stock Transaction

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