Synchrony to Sell Pet Insurance Subsidiary for $750M Gain

Private label card issuer Synchrony Financial said Monday it’s selling its Pets Best Insurance Services subsidiary to Poodle Holdings for a gain of $750 million. Stamford, Connecticut-based Synchrony on Nov. 23 agreed to sell the pet health insurance business for a combination of cash and an equity interest in Poodle Holdings affiliate Independence Pet Holdings, according to a Monday filing with the Securities and Exchange Commission. Synchrony acquired Pets Best in 2019, saying the purchase would aid it in expanding its health and wellness credit card CareCredit into the pet market. At that time, Synchrony said the acquisition built on CareCredit’s presence in the veterinary market by offering “an immediate entry point into the rapidly growing pet insurance market,” according to a news release.

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