Goldman Sachs is facing the possibility of a significant writedown due to its acquisition of fintech lender GreenSky. According to CNBC, sources familiar with the sale process have revealed that bids for GreenSky’s loan origination platform, which facilitates home improvement loans, are falling short of Goldman’s expectations. While one bidder valued the platform at around $300 million, another estimated it to be closer to $500 million. This news has led to a 1.5% decrease in Goldman’s stock. Despite this setback, a spokesperson for Goldman expressed satisfaction with the participation of bidders and stated that more details will be revealed as the process unfolds. In 2021, Goldman acquired GreenSky for $2.2 billion under the leadership of David Solomon. The sale process for GreenSky has been ongoing, and Goldman’s President and COO, John Waldron, has acknowledged the possibility of a writedown on the $500 million goodwill associated with the acquisition. Asset managers and lenders such as KKR, Apollo Global Management, Sixth Street Partners, Warburg Pincus, and Synchrony Bank were among the participants in the first round of bids in June, as reported by CNBC.
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