Sixth Street to acquire Goldman's GreenSky

Background: Goldman Sachs, under Solomon, acquired the lending platform for about $1.7 billion in 2021, hoping it would bolster the company's consumer banking ambitions.

• That push became far too costly for investors, and began unraveling last year.

Details: The bank did not say exactly how much the company was sold for, though it revealed it would result in a 19 cents per share loss in the third quarter ($66 million).

• The Sixth Street consortium, which included KKR, Bayview Asset Management, and CardWorks, acquired the loan acquisition platform, two sources say.
• The WSJ previously reported that the deal with Sixth Street would be worth about $500 million.
• PIMCO is separately acquiring part of the underlying roughly $8 billion loan book, a source with knowledge of the matters says.
• CPP Investments is also providing financing.
• The deal is expected to close in the first quarter of 2024.

Goldman Sachs and Sixth Street declined to comment.