(Finance) – Synchrony Financialan American consumer financial services company, e Ally Financiala US financial services company, have entered into a definitive agreement for Synchrony to acquire theAlly’s store financing business, including $2.2 billion in financing receivables. The portfolio includes relationships with nearly 2,500 business locations and supports more than 450,000 active borrowers in the home services and healthcare industries.
“This agreement represents a significant and exciting growth opportunity for Synchrony: it is a strong strategic fit that will unlock value and operational efficiencies by integrating products and teams into our expanding home improvement and health and wellness platforms,” said Brian Doubles, and CEO of Synchrony – This incremental acquisition strengthens Synchrony’s position by offering our multi-product portfolio to nearly 2,500 Ally Lending business locations and enables us to gain attractive economies of scale further diversifying our commercial base“.
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