US private equity company Apollo Global Management, investment firm Sixth Street, and the AI fintech Pagaya Technologies are all actively engaged in the bidding process, according to a report from Bloomberg.
Allegedly, Apollo has formed a bidding group with Blackstone, while Pagaya is said to have aligned itself with private equity investor General Atlantic as a bidding partner, and is reportedly willing to pay up to $800 million for the Atlanta-based FinTech.
Goldman Sachs first acquired GreenSky back in September 2021, in an all-stock transaction valued at $2.24 billion, as the US firm looked to boost its digital bank platform, Marcus.
Since the initial acquisition however, the brands’ valuation has plummeted, meaning that the alleged current bidding figures isn’t even half of what the multinational investment bank paid two years ago. This is largely due to Goldman Sachs folding Marcus into its wider asset and wealth management division in October 2022 as the firm shifted its focus away from its retail banking proposition.
The bank has since been cutting ties with various elements of its costly consumer banking business, selling around $1 billion of its $4.5 billion loan portfolio in the first quarter of this year at a reported loss of $470 million.
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