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PayPal消费信贷组合以70亿美元“卖身”Synchrony

其他国际资讯

PayPal消费信贷组合以70亿美元“卖身”Synchrony

作为两家公司扩大合作关系的一部分,2017年11月PayPal宣布同意向Synchrony Financial出售58亿美元的消费信贷应收款。

如今,这笔交易终于结束了,Synchrony实际上获得了76亿美元的应收账款,包括在交易结束时总计68亿美元的PayPal美国消费信贷组合,以及非关联第三方持有的约8亿美元的参与权益。

PayPal在交易结束时总共收到约69亿美元。受此消息影响,两家公司的股价在盘前交易中均有所上涨,PayPal上涨了0.7%,Synchrony上涨了0.06%。

两家公司的合作关系始于2004年——他们合作了PayPal冠名的信用卡,允许PayPal用户线上线下购物。作为销售消费信贷应收账款业务交易的一部分,两家公司已将涉及PayPal Extras万事达卡和PayPal Cashback万事达卡的信用卡计划协议延长至2028年。

此外,Synchrony将在2028年之前成为PayPal Credit在线消费者融资计划在美国的独家发行人。

虽然出售意味着PayPal失去了贷款可能产生的利息,但这一战略能够释放出数十亿现金,用于其他业务增长,包括能够产生更高回报的业务。例如现金收购。事实上,PayPal已经在5月份以22亿美元的全部现金收购了iZettle,又在6月份以4亿美元的现金收购了Hyperwallet。

PayPal总裁兼首席执行官Dan Schulman在一份声明中表示:

“我们很高兴完成了美国消费信贷应收帐款组合的出售。我们与Synchrony的协议实现了我们为资产增值战略制定的每一个目标。我们期待着与Synchrony保持合作,让我们为客户提供的创新性消费信贷体验加倍,并随着时间的推移实现投资组合的盈利增长。”

Synchrony将在2018年第二季度财报中更新此次交易的财务影响。

In November 2017, PayPal  announced it had agreed to sell $5.8 billion in consumer credit receivables to Synchrony Financial as a part of an expanded relationship between the two companies. That deal has now closed, with Synchrony actually acquiring $7.6 billion in receivables, including PayPal’s U.S. consumer credit portfolio, totaling $6.8 billion at the close, as well as around $0.8 billion in participation interests held by unaffiliated third parties.

PayPal received approximately $6.9 billion in total consideration at the time of closing.

Both companies’ stocks were up this morning in pre-market trading as a result of the news, with PayPal up 0.7 percent and Synchrony up .06 percent.

The two companies have been partners since 2004 to offer PayPal-branded credit cards that allow PayPal users to shop online and in stores. As part of the deal to sell the consumer credit receivables business, the companies have extended through 2028 their credit card program agreement involving the PayPal Extras Mastercard and the PayPal Cashback Mastercard.

In addition, Synchrony will now be the exclusive issuer of the PayPal Credit online consumer financing program in the U.S, also through 2028.

While the sale means PayPal loses the interest the loans could generate, it was part of the company’s strategy to free up billions in cash it could use in other ways to grow the business, including in ways that could produce higher returns.

It could use the cash to make acquisitions, for example — something it’s already done, in fact, with the $2.2 billion all-cash acquisition of iZettle in May, and the $400 million in cash acquisition of Hyperwallet in June.

“We’re pleased that we’ve completed the sale of our U.S. consumer credit receivables portfolio,” said Dan Schulman, president and CEO of PayPal, in a statement. “Our agreement with Synchrony accomplishes every goal we set out for our asset light strategy. We look forward to working with Synchrony to double down on our innovative consumer credit experiences for our customers and profitably grow the portfolio over time.”

Synchrony will update the financial impact of the transaction in its second quarter 2018 earnings call.


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