Why Are GreenSky Shares Trading Higher Today? - Goldman Sachs Gr (NYSE:GS)

Goldman Sachs Group Inc GS agreed to acquire specialty lender GreenSky Inc GSKY for $2.24 billion.
GreenSky stockholders will receive 0.03 shares of Goldman Sachs common stock for each Class A share.
The deal value represents roughly $12.11 a share for GreenSky, implying a 55.9% premium to GreenSky's September 14 closing price of $7.77.
"Our goal is to build a real banking platform of the future," Goldman CEO David Solomon said in an interview, the Wall Street Journal reports. "This moves us along in that journey."
Solomon said that David Zalik, GreenSky's founder and largest shareholder, will join Goldman as a partner.
GreenSky arranges loans for big one-time purchases like construction projects or cosmetic surgery. It pitched itself as a technology platform connecting consumers who sought major purchases and merchants eager to increase sales.
However, the stock lost 70% from its highs on rising payment failures which discouraged banks from lending. Additionally, supply-chain issues and labor shortages hampered the renovation projects, while stay-at-home orders halted elective medical procedures.
The boards of Goldman Sachs and GreenSky have approved the transaction. GreenSky is part of the "buy now, pay later" wave of companies.
Price Action: GSKY shares traded higher by 52.40% at $11.84 in the premarket session on the last check Wednesday.