Bartis HK - Synchrony Financial Stock Firm Sells Pet Insurance Unit, Jump

Synchrony Financial (SYF) stock soared after the consumer finance company announced the sale of its Pets Best Insurance Services unit to Poodle Holdings.
CENTRAL, Hong Kong - Nov. 29, 2023 - PRLog -- In return for the pet insurance arm, the firm said in a regulatory filing that it would get a mix of cash and shares in Poodle Holdings' subsidiary, Independence Pet Holdings.

The arrangement is expected to result in a $750 million gain after taxes, according to Synchrony. The number might alter "depending on the carrying amount of Pets Best's net assets and the final valuation of consideration to be received at closing," according to the business.

Synchrony purchased dogs Best in March 2019 and merged company with CareCredit, claiming that the acquisition will enable CareCredit "to offer a comprehensive suite of payment options for veterinarians and pet owners to help pets get access to the care they need."

The purchase of Pets Best provides the firm with "unique insight into the fast-growing pet health insurance market," according to then-CareCredit CEO Beto Casellas.

The deal is likely to close in the first quarter of next year.

Despite Tuesday's 5% gain, Synchrony Financial shares are still down for the year.

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