On Wednesday, Goldman Sachs (NYSE: GS) announced that the group would acquire GreenSky LLC (NASDAQ: GSKY). The acquisition is part of its strategy to drive growth and increase returns. GreenSky is regarded as the biggest financial technology platform for home improvement consumer loan originations. Goldman Sachs will acquire the company in an all-stock transaction valued at approximately $2.24 billion.
Customers can take advantage of opportunities while they transact
With Goldman Sachs acquiring GreenSky, customers can take advantage of many opportunities while they save, spend, borrow and invest, and meet customers where they transact. GreenSky provides its nearly four million users with simple and transparent home improvement financing solutions. The company also has more than 10,000 merchants who contribute to accelerating its business.
Goldman Sachs provides customer-centric digital solutions
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In the last five years, Goldman Sachs has made notable progress in providing integrated and customer-centric digital solutions that give customers the ease to take control of their financial lives. The acquisition that is announced is in line with the company’s vision that can help it meet its consumers through proprietary channels and the ecosystems of leading companies that take advantage of embedded technology.
Information about the transaction
Under the acquisition agreement, for each share of GreenSky Class A common stock held, its owner will receive 0.03 shares of common stock of Goldman Sachs. Depending on the closing share price of Goldman Sachs common stock as of September 14, 2021, it is learned that this represents a per-share price for GreenSky Class A common stock of $12.11. Additionally, it has come to light that the transaction is valued at nearly $2.24 billion. The board of directors of both the companies has given their consent for the acquisition. However, it will come through after receiving approval from GreenSky stockholders and after regulatory approvals are granted. If all falls in place, the accusation is expected to occur in 4Q 2021 or 1Q 2022.
Reactions pour in after news of the acquisition broke
As news of the acquisition broke, officials from both companies commented. David M. Solomon, Chairman, and CEO of Goldman Sachs said:
“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. GreenSky and its talented team have built an impressive, cloud-native platform that will allow Marcus to reach a new and active set of merchants and customers and provide them with an expanding set of solutions. We welcome the GreenSky team to the Goldman Sachs family.”
Meanwhile, David Zalik, Chief Executive Officer of GreenSky, said:
“From GreenSky’s inception, our mission has been to deliver exceptional value helping businesses grow and delight their customers. In combination with Goldman Sachs, we’re excited to continue delivering innovative point-of-sale payment solutions for our merchant partners and their customers on an accelerated basis.”
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