GreenSky’s $2.24 Billion Acquisition by Goldman Sachs
September 15, 2021
On September 15, 2021, GreenSky, Inc. (“GreenSky”) and The Goldman Sachs Group, Inc. (“Goldman Sachs”) announced that they have entered into a definitive agreement pursuant to which Goldman Sachs will acquire GreenSky, the largest fintech platform for home improvement consumer loan originations, in an all‑stock transaction valued at approximately $2.24 billion. Cravath is representing GreenSky in connection with the transaction.
The Cravath team is led by partners Daniel J. Cerqueira and Robert I. Townsend III and includes associates Kelly M. Smercina, Richard E. Schwartz and Evan S. Gabor on M&A matters; senior attorney Will C. Giles and associate Caroline B. Shinkle on bank regulatory matters; partner Stephen L. Gordon and associates Arvind Ravichandran, Duncan H. Hardell and Sonia Katharani‑Khan on tax matters; partner Matthew J. Bobby, practice area attorney Arian Mossanenzadeh and associate Brendon J. Rivard on executive compensation and benefits matters; partner David J. Kappos and associate Pedraam Mirzanian on intellectual property matters; partner Matthew M. Kelly on financing matters; and senior attorney Jesse M. Weiss on antitrust matters.
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Deals & Cases
May 22, 2020
GreenSky Wins Dismissal of Putative Class Action Securities Litigation
On April 22, 2020, the Commercial Division of the New York State Supreme Court dismissed a shareholder lawsuit against Cravath client GreenSky, Inc., a financial technology company, and certain officers and directors. The putative securities class action alleged that GreenSky’s offering documents, issued in connection with its initial public offering, contained false and misleading statements relating to its shift away from solar merchants and the resulting impact on transaction fee rates and revenue, in violation of the federal securities laws. The court ruled that GreenSky did not violate its duty to disclose because the Company disclosed its shift away from solar merchants to lower-fee merchants, and that the omission of more specific disclosures about the fees paid by solar merchants was not material, as reasonable investors would have inferred from the offering documents that the new merchants would pay lower fees.
