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Cintas (CTAS) Stock Climbs on G&K Services $2.2 Billion Acquisition

NEW YORK (TheStreet) -- Shares of Cintas (CTAS) were rising 5.58% to $113.38 on heavy trading volume late Tuesday afternoon after the company said it would buy competitor G&K Services (GK) in a $2.2 billion deal.

The Cincinnati-based company will pay $97.50 per share for G&K in cash. The purchase price represents a premium of about 19% to G&K's closing price yesterday.

The total enterprise value of the deal is about $2.2 billion, including acquired net debt, the company said.

G&K is a Minnetonka, MN-based provider of uniform...