Rent-A-Center Inc.'s board accepted an offer from Vintage Capital Management LLC to acquire the Texas-based rental company for $15 per share in cash.

The deal, subject to regulatory approvals, represents a total consideration of about $1.37 billion, including net debt, and is expected to close by 2018-end. The deal value is higher than Vintage's June 12 offer of $14 a share.

Upon completion, Rent-A-Center will become a privately held company and will stop trading on any public market, the company said June 18.

Vintage is the controlling shareholder of Buddy's Home Furnishings, a privately held rent-to-own company with over 300 locations across the U.S. and Guam. The acquisition will help Vintage "create a leader in the rent-to-own industry," Brian Kahn, Vintage Capital managing member and founder, said in a statement.

B. Riley Financial Inc. and certain of its affiliates will serve as equity and debt participants in the deal.

J.P. Morgan Securities LLC acted as exclusive financial adviser to Rent-A-Center, while B. Riley FBR Inc. is serving as financial adviser and lead arranger and Guggenheim Corporate Funding LLC is serving as administrative agent and joint lead arranger.

Winston & Strawn LLP and Sullivan & Cromwell LLP are the legal advisers to Rent-A-Center and its board, respectively, while Wilson Sonsini Goodrich & Rosati Professional Corp. is serving as legal adviser to Vintage.