Goldman Sachs buying GreenSky for $2.2 billion

1 week ago 5
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GreenSky Inc. GSKY, -12.20% connected Wednesday confirmed a study by The Wall Street Journal that the specialty concern institution agreed to beryllium acquired by Goldman Sachs Group Inc. GS, -1.36% for $2.2 billion. Goldman plans to wage astir $12 a stock successful banal for GreenSky, which sells loans for user purchases specified arsenic operation projects oregon cosmetic country and works with merchants ranging from Home Depot Inc. to autarkic doctors and dentists. Its selling constituent is that its loans are cheaper and much liable alternatives to recognition cards, the paper reported. Goldman Sachs CEO David Solomon told the WSJ the woody volition assistance the bank's propulsion into Main Street lending and to "build a existent banking level of the future." The terms amounts to a 55% premium to GreenSky's Tuesday closing terms and includes a $445 cardinal taxation adjustment. The banal is already up astir 68% truthful acold this twelvemonth compared to a 27% emergence by the SPDR Financial Select ETF XLF, -1.34%.

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