GreenSky (NASDAQ:GSKY) stock is taking off on Wednesday following news that Goldman Sachs (NYSE:GS) is acquiring the company.
Let’s take a look at the deal and what else investors need to know about GSKY stock below!
- Goldman Sachs will be using shares to acquire GSKAY stock.
- This will have holders of GSKY stock receiveing.03 shares of GS stock for each one that they own.
- That represents a price of $12.11 per share for the company’s stock.
- For comparison, the stock was trading at $7.77 when markets closed on Tuesday.
- That means the Goldman Sachs offer is a nearly 56% premium over the stock’s previous closing price.
- It’s also worth pointing out that this gives the deal a total value of $2.24 billion.
- Goldman Sachs is acquiring GreenSky to beef up its consumer lending services.
- GreenSky is the largest fintech platform covering home improvement consumer loan originations.
- It currently has about 4 million customers and a network of 10,000 merchants.
David Zalik, CEO of GreenSky, said the following about the acquisition deal boosting GSKY stock.
“From GreenSky’s inception, our mission has been to deliver exceptional value helping businesses grow and delight their customers. 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.”
GSKY stock was up 52.2% and GS stock was down 1.1% as of Wednesday morning.
Investors looking for more hot stock market news today will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
