Cheat Sheet: What’s going on behind Goldman Sachs’ acquisition of BNPL GreenSky?
- Goldman Sachs has acquired BNPL firm GreenSky for $2.24 billion, with the transaction expected to finish by Q4 2021 or Q1 2022.
- GreenSky's platform and team will be integrated with Marcus by Goldman Sachs.
Goldman Sachs announced it’s reached an agreement to acquire buy now, pay later firm GreenSky for $2.24 billion in an all-stock transaction. The acquisition saw GreenSky’s share surge 53% on the news and reflected Goldman’s interest in growing its consumer lending business.
The transaction details:
- The all-stock deal puts the per-share price for GreenSky stock at $12.11, making the implied transaction value approximately $2.24 billion.
- The deal, announced last Wednesday, values GreenSky at more than 50% above the previous day’s closing price.
- Goldman Sachs expects the transaction to close by the fourth quarter of 2021 or the first of 2022.
- GreenSky CEO David Zalik will join Goldman Sachs as a partner, and his team will move to Marcus.
What’s in it for the two parties?
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