PROG Holdings, Inc. announces the acquisition of Purchasing Power, a leading voluntary employee benefit program provider.
The acquisition aims to expand PROG Holdings' ecosystem and provide new payment solutions to consumers.
Purchasing Power partners with major employers to offer innovative purchasing and financial wellness options to over 7 million employees nationwide.
Strategic Acquisition
The agreement to acquire Purchasing Power aligns with PROG Holdings' long-term growth strategy to offer transparent payment options to a wider consumer base.
Diversified Product Portfolio
The acquisition will diversify PROG Holdings' offerings, providing consumers access to flexible payment options across various high-demand categories.
Financial Impact
PROG Holdings will acquire Purchasing Power for $420 million in cash, funded through a combination of cash on hand and debt financing.
- The acquisition of Purchasing Power allows PROG Holdings to reach more customers and strengthen relationships with over 360 employer partners.
- PROG Holdings anticipates revenue synergies, cost efficiencies, and enhanced decision-making capabilities as a result of the combined businesses.
The acquisition of Purchasing Power marks a significant step in PROG Holdings' growth strategy, expanding its product offerings and market reach.