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

by Msnbctv news staff

© Reuters. FILE PHOTO: The Goldman Sachs firm emblem is on the ground of the New York Inventory Change (NYSE) in New York Metropolis, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Picture

(Reuters) -Goldman Sachs Group Inc mentioned on Wednesday it will purchase GreenSky Inc, a fintech platform that gives client loans for dwelling 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 dwelling enchancment loans to about 4 million prospects.

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

“We have now been clear in our aspiration for Marcus to turn into the buyer banking platform of the long run, and the acquisition of GreenSky advances this objective,” Solomon mentioned in an announcement.

Reuters reported earlier this 12 months that Goldman was contemplating acquisitions to construct out Marcus after the Wall Avenue agency slowed mortgage and deposit development on the enterprise final 12 months within the wake of the COVID-19 pandemic.

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