By Saeed Azhar, Greg Roumeliotis and Shubhendu Deshmukh (Reuters) - A consortium led by investment firm Sixth Street Partners has entered exclusive ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Saeed Azhar, Greg Roumeliotis and Shubhendu Deshmukh
The consortium, which includes Pacific Investment Management and KKR & Co, prevailed over a rival bid from private equity firm Apollo Global Management Inc in an auction for GreenSky, the sources said. The amount would value GreenSky substantially lower than the $2.24 billion all-stock deal that Goldman inked to buy it in September 2021. The deal value had dropped to $1.7 billion by the time the acquisition was completed in March 2022 as Goldman's shares slid.
GreenSky's divestment is part of Goldman's broader retrenchment from its consumer business, which has lost $3 billion in the last three years. It also offloaded the bulk of its unsecured consumer loans, after halving this kind of lending last year.
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