November 27, 2017
Weil is advising Synchrony Financial in its $5.8 billion acquisition of PayPal Holdings, Inc.’s U.S. consumer credit receivables portfolio. Synchrony Financial will acquire $6.8 billion in receivables, including PayPal’s U.S. consumer credit receivables portfolio and approximately $1 billion in participation interests in receivables held by certain investors and a chartered financial institution. The transaction is expected to close in the third quarter of 2018, subject to regulatory approval and other customary conditions.
The Weil team advising Synchrony Financial is led by Mergers & Acquisitions partner Jon-Paul Bernard and includes Mergers & Acquisitions counsel Dawn Kim and associate Sarah Fries; Tax partner Chayim Neubort; and Tax associate Christopher Marotta.