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Wednesday, September 22, 2021

Goldman Sachs to buy lender GreenSky in $2.24 billion deal By Reuters

© Reuters. FILE PHOTO: The Goldman Sachs firm brand is on the ground of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo

(Reuters) -Goldman Sachs Group Inc mentioned on Wednesday it will buy GreenSky Inc, a fintech platform that gives shopper loans for residence enchancment, in an all-stock deal valued at $2.24 billion.

The deal implies a per-share worth of $12.11 for every GreenSky Class A standard inventory, representing a 55% premium to the corporate’s closing worth on Tuesday.

Atlanta-based GreenSky, which went public in 2018 at a valuation of about $4 billion, has offered residence enchancment loans to about 4 million clients.

Its buy will additional bulk up Goldman’s shopper banking unit Marcus, which is known as after one of many financial institution’s founders and is a key plank of Chief Executive David Solomon’s plan to scale back Goldman’s reliance on risky buying and selling and funding banking revenues.

“We have been clear in our aspiration for Marcus to become the consumer banking platform of the future, and the acquisition of GreenSky advances this goal,” Solomon mentioned in a press release.

Reuters reported https://www.reuters.com/business/exclusive-goldman-eyes-deals-boost-marcus-sources-2021-01-15 earlier this yr that Goldman was contemplating acquisitions to construct out Marcus after the Wall Street agency slowed mortgage and deposit development on the enterprise final yr in the wake of the COVID-19 pandemic.

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#Note-Author Name – Reuters

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