/payments

News and resources on payments systems, innovations and initiatives worldwide.
PE firms eye Goldman's GreenSky at steep discount

PE firms eye Goldman's GreenSky at steep discount

Goldman Sachs has received several offers from investment firms to buy its BNPL-based home improvement lender GreenSky, according to press report.

Apollo, Sixth Street, and Warburg Pincus have made offers, all at "mid-nine figures", according to Semafor, citing sources. That would be a heavy discount on the $2.24 billion Goldman paid in September 2021.

Some of the bids just cover GreenSky’s loan-writing operations, while others include legacy loans on Goldman’s books, says Semafor.

Goldman CEO David Solomon signalled his intention to offload GreenSky in April, describing it as a "good business" but adding that "given our current strategic priorities, however, we may not be the best long-term holder of this business".

Goldman's began its retreat from the consumer market in October last year, when it hived off Marcus and folded it into an asset and wealth management division.

In January it reported that its "Platform Solutions" unit, which houses the firm's transaction banking operations, credit cards and Greensky made a pre-tax loss of $1.2 billion in the first nine months of 2022.

Last week, the Platform Solutions unit also temporarily lost its boss when Stephanie Cohen took a leave of absence for personal reasons.

Comments: (0)

sponsored

Trending