The deal announced in November 2017 has now closed, with Synchrony acquiring eventually USD 7.6 billion in receivables, including PayPal’s US consumer credit portfolio, totaling USD 6.8 billion at the close, as well as around USD 0.8 billion in participation interests held by unaffiliated third parties. PayPal received approximately USD 6.9 billion in total consideration at the time of closing.
The two companies have been partners since 2004, offering PayPal-branded credit cards that allow PayPal users to shop online and in stores. As part of the agreement, 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 US, also through 2028.
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