Synchrony to sell Pets Best Insurance Services to Poodle Holdings

In a regulatory filing last night, Synchrony Financial disclosed that on November 23, the company entered into an agreement for the sale of its wholly-owned subsidiary, Pets Best Insurance Services, to Poodle Holdings, Inc. for consideration comprising a combination of cash and an equity interest in Independence Pet Holdings, Inc., an affiliate of the buyer. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close in the first quarter of 2024, which is estimated to result in the recognition of a gain on sale, net of tax, of approximately $750M. The gain amount to be recognized is subject to change based upon the carrying amount of net assets of Pets Best and the final valuation of consideration to be received at closing, Synchrony stated.