Goldman Sachs to acquire GreenSky for $2.2 billion

GreenSky, the leading fintech platform for home renovation consumer loan originations will be acquired by Goldman Sachs in an all-stock transaction valued at roughly $2.24 billion.

GreenSky's all-stock transaction is scheduled to conclude in the first quarter of 2022, the firms announced on Wednesday. GreenSky's stock has increased by 53%.

The purchase will strengthen Goldman Sachs' capacity to provide consumers the ability to save, spend, borrow, and invest, as well as meet customers where they transact.

“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 David M. Solomon, Chairman, and CEO of Goldman Sachs, in a statement.

“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.”

The purchase values GreenSky at more than 50% higher than its Tuesday closing price, albeit it includes a $446 million tax adjustment. GreenSky CEO David Zalik will become a partner at Goldman.

GreenSky offers a growing network of over 10,000 merchants and assists them in developing their businesses by integrating a smooth financing experience into their commerce flow.

This purchase aligns with that vision and Goldman Sachs' approach of reaching customers through exclusive channels and the ecosystems of leading firms with embedded technology.

 “From GreenSky’s inception, our mission has been to deliver exceptional value helping businesses grow and delight their customers,” said David Zalik, Chief Executive Officer of GreenSky. “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.”

Goldman Sachs & Co. LLC is serving as financial advisor to Goldman Sachs while J.P. Morgan Securities LLC and Financial Technology Partners LP are serving as financial advisors.