The Bank Slate


Goldman to sell GreenSky unit to investor group

Goldman Sachs in New York has agreed to sell its GreenSky platform to a group of institutional investors led by Sixth Street.

The deal, which also includes KKR, Bayview Asset Management and CardWorks, is expected to close in the first quarter. The transaction includes support from PIMCO via an asset acquisition and strategic financing from CPP Investments. 

The price wasn’t disclosed.

“This transaction demonstrates our continued progress in narrowing the focus of our consumer business,” David Solomon, Goldman’s chairman and CEO, said in a press release.

“While GreenSky is an attractive business, we are focused on advancing the strategy we laid out for” global banking and asset and wealth management, he added.

The transaction is expected to cost Goldman 19 cents a share in the third quarter.

Goldman agreed to buy GreenSky in late 2021 for $2.2 billion.

Goldman Sachs and Wachtell, Lipton, Rosen & Katz advised Goldman. Wells Fargo Securities advised the consortium. BofA Securities, Mizuho Americas, Simpson Thacher & Bartlett and Alston & Bird also served as advisers.

Leave a Reply

Your email address will not be published. Required fields are marked *