GreenSky (GSKY) - Get GreenSky, Inc. Class A Report shares soared higher Wednesday following a move by Goldman Sachs GS to buy the online 'buy now, pay later' lending platform for around $2.2 billion.
GreenSky, which went public in a 2018 IPO that raised $874 million for the Atlanta-based group, offers "simple and transparent home improvement financing solutions for approximately four million customers", according to Goldman, which was on of the underwriters of the original listing. GreenSky will be aligned with Goldman's online banking platform known as 'Marcus', the companies said.
Goldman will pay $12.11 a share for GreenSky, a price that values the lender at $2.24 billion. The deal is expected to close before the end of the year.
“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,” said Goldman CEO David Solomon. “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.”
GreenSky shares were marked 52.3% higher in early trading Wednesday to change hands at $11.83 each. Goldman shares were seen 0.74% lower at $400.69 each following news of the deal.