Tags: goldman sachs | greensky

Goldman Faces Big Write Down on GreenSky Deal

Goldman Faces Big Write Down on GreenSky Deal
(AP)

Friday, 23 June 2023 12:52 PM EDT

Goldman Sachs is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported Friday, citing people with knowledge of the sale process.

"One bidder said GreenSky is worth roughly $300 million, while another said it was worth closer to $500 million," according to the report.

CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations.

Shares of Goldman were down about 1.3% in eraly afternoon trading.

"We're pleased with the participation by bidders, we're in the middle of the process and we'll learn more as we go forward," a Goldman spokesperson said in an emailed statement to Reuters, without revealing any details about the potential writedown it is expected to take.

The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.

KKR, Apollo Global Management, Sixth Street Partners, Warburg Pincus and Synchrony Bank were among the asset managers and lenders involved in the first round of bids in June, the CNBC report said.

© 2026 Thomson/Reuters. All rights reserved.


StreetTalk
Goldman Sachs is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported Friday, citing people with knowledge of the sale process.
goldman sachs, greensky
217
2023-52-23
Friday, 23 June 2023 12:52 PM
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