{"id":393018,"date":"2020-12-03T13:31:30","date_gmt":"2020-12-03T18:31:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=393018"},"modified":"2020-12-03T13:31:30","modified_gmt":"2020-12-03T18:31:30","slug":"goeasy-ltd-announces-sale-of-minority-equity-interest-in-paybright-in-connection-with-the-sale-of-paybright-to-affirm","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/goeasy-ltd-announces-sale-of-minority-equity-interest-in-paybright-in-connection-with-the-sale-of-paybright-to-affirm\/","title":{"rendered":"goeasy Ltd. Announces Sale of Minority Equity Interest in PayBright in connection with the Sale of PayBright to Affirm"},"content":{"rendered":"<h2>\ngoeasy to continue its commercial partnership with Affirm following the acquisition<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">MISSISSAUGA, Ontario, Dec.  03, 2020  (GLOBE NEWSWIRE) &#8212; <em>goeasy<\/em> Ltd. (TSX: GSY), (\u201c<strong><em>goeasy<\/em><\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d), a leading full-service provider of goods and alternative financial services, announced today the sale of its minority equity interest in PayBright Inc. (\u201c<strong>PayBright<\/strong>\u201d). As announced today by PayBright and Affirm Holdings Inc. (\u201c<strong>Affirm<\/strong>\u201d), the shareholders of PayBright have reached a definitive agreement (the \u201c<strong>Definitive Agreement<\/strong>\u201d) to sell 100% of the PayBright shares to Affirm. Additional details can be found within PayBright and Affirm\u2019s joint press release at:<\/p>\n<p align=\"justify\">\n        <a href=\"https:\/\/www.businesswire.com\/news\/home\/20201203005862\/en\/Affirm-to-Acquire-PayBright-One-of-Canada\ufffds-Leading-Buy-Now-Pay-Later-Providers-for-CAD-340-Million\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.businesswire.com\/news\/home\/20201203005862\/en\/Affirm-to-Acquire-PayBright-One-of-Canada\u2019s-Leading-Buy-Now-Pay-Later-Providers-for-CAD-340-Million<\/a>\n      <\/p>\n<p align=\"justify\">In September 2019, goeasy invested $34.3 million to acquire a minority equity interest in PayBright. Under the terms of the sale transaction, goeasy will receive a mixture of cash and equity consideration in connection with closing, valued at up to $60.1 million, as determined in the manner set out in the Definitive Agreement. As of September 30, 2020, the Company\u2019s equity interest in PayBright was held on its balance sheet at a value of $40 million, including $5.7 million of unrealized fair value gains recorded to date. As a result of the transaction, goeasy expects to record a further gain on the sale of its shares in PayBright, the amount of which will be determined once goeasy completes an accounting, tax and valuation review in connection with the upcoming financial reporting period. The sale of PayBright to Affirm, which is subject to certain closing conditions, is expected to close in early 2021.<\/p>\n<p align=\"justify\">\u201cThis transaction will deliver an attractive return on our equity investment and significant value for goeasy shareholders,\u201d said Jason Mullins, goeasy\u2019s President and Chief Executive Officer, \u201cWe look forward to continuing our commercial partnership with Affirm, who is regarded as one of North America\u2019s most innovative and consumer focused buy-now-pay-later platforms. Together, we will continue to offer a frictionless full credit spectrum point-of-sale payments solution.\u201d<\/p>\n<p>\n        <strong>About goeasy<\/strong>\n      <\/p>\n<p align=\"justify\">goeasy Ltd., a Canadian company, headquartered in\u00a0Mississauga, Ontario, provides non-prime leasing and lending services through its <a href=\"http:\/\/www.easyhome.ca\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">easyhome<\/a> and <a href=\"http:\/\/www.easyfinancial.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">easyfinancial<\/a> divisions. With a wide variety of financial products and services including <a href=\"https:\/\/www.easyfinancial.com\/installment-loans\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">unsecured and secured instalment loans<\/a>, goeasy aspires to help put Canadians on a path to a better financial future, as they rebuild their credit and graduate to prime lending. Customers can transact seamlessly with easyhome and easyfinancial through an omni-channel model that includes online and mobile, as well as over 400 leasing and lending locations across\u00a0Canada\u00a0supported by more than 2,000 employees. Throughout the company\u2019s history, it has served over 1 million Canadians and originated $4.7 billion\u00a0in loans, with one in three customers graduating to prime credit and 60% increasing their credit score within 12 months of borrowing.<\/p>\n<p align=\"justify\">goeasy is the proud recipient of several awards including Waterstone Canada\u2019s Most Admired Corporate Cultures, Glassdoor Top CEO Award, Achievers Top 50 Most Engaged Workplaces in\u00a0North America, Greater Toronto Top Employers Award, the Digital Finance Institute\u2019s Canada\u2019s Top 50 FinTech Companies, ranking on the TSX30 and placing on the Report on Business ranking of Canada\u2019s Top Growing Companies. The company and its employees believe strongly in giving back to the communities in which it operates and has raised over\u00a0$3 million\u00a0to support its long-standing partnerships with the\u00a0Boys &amp; Girls Clubs of Canada\u00a0and\u00a0Habitat for Humanity.<\/p>\n<p align=\"justify\">goeasy Ltd.\u2019s. common shares are listed on the TSX under the trading symbol \u201cGSY\u201d.\u00a0 goeasy is rated BB- with a stable trend from S&amp;P and Ba3 with a stable trend from Moody\u2019s. Visit\u00a0<a href=\"http:\/\/www.goeasy.com\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.goeasy.com<\/a>.<\/p>\n<p>\n        <strong>About PayBright<\/strong>\n      <\/p>\n<p align=\"justify\">PayBright is one of Canada&#8217;s leading providers of installment payment plans for e-commerce and in-store purchases. Through partnerships with over 7,000 domestic and international retailers, PayBright allows Canadian consumers to buy now and pay later in a quick and easy experience. PayBright is fully integrated with leading retail partners including Hudson\u2019s Bay, Oakley, SAIL, Steve Madden, eBay, Dynamite, SHEIN, Wayfair, Samsung, and Endy. PayBright&#8217;s installment plans range from four bi-weekly interest-free payments for smaller purchases, and up to 60 months for larger purchases. In 2017, PayBright powered Canada\u2019s first-ever e-commerce installment payment transaction, and since then has grown its platform significantly. Unlike other installment payment options, PayBright does not require consumers to sign up for a credit card and does not charge hidden fees, retroactive interest, or revolving interest. PayBright was named Canada\u2019s Fintech Company of the Year in 2019 by the Digital Finance Institute and was recently named to Deloitte\u2019s Technology Fast 50 for 2020, recognizing Canada\u2019s fastest-growing technology companies over the preceding four years. For more information, visit <a href=\"http:\/\/www.paybright.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.paybright.com<\/a>.<\/p>\n<p>\n        <strong>Forward-Looking Statements <\/strong>\n      <\/p>\n<p align=\"justify\">This press release includes forward-looking statements about the Company, including, but not limited to, expectations regarding the completion of the sale of the Company\u2019s interest in PayBright, the anticipated consideration to be received by the Company pursuant to the Definitive Agreement, and the anticipated benefits to be realized by the Company in connection with such transaction. In certain cases, forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, and\/or can be identified by the use of words such as \u2018expects\u2019, \u2018anticipates\u2019, \u2018intends\u2019, \u2018plans\u2019, \u2018believes\u2019, \u2018budgeted\u2019, \u2018estimates\u2019, \u2018forecasts\u2019, \u2018targets\u2019 or negative versions thereof and similar expressions, and\/or state that certain actions, events or results \u2018may\u2019, \u2018could\u2019, \u2018would\u2019, \u2018might\u2019 or \u2018will\u2019 be taken, occur or be achieved. Forward-looking statements are based on certain factors and assumptions, including the expected value of the equity consideration to be received by the Company pursuant to the Definitive Agreement, the expected growth, market conditions, results of operations and business prospects of each of PayBright and goeasy and are inherently subject to, among other things, risks, uncertainties and assumptions about each of PayBright\u2019s and goeasy\u2019s operations, economic factors and the industry generally, as well as those factors referred to in the Company\u2019s most recent annual information form and interim and annual management discussion and analysis, as available on www.sedar.com, in each case in the section entitled \u201cRisk Factors\u201d. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward looking statements. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.<\/p>\n<p align=\"justify\">For further information contact:<\/p>\n<p align=\"justify\">Jason Mullins<br \/>President &amp; Chief Executive Officer<br \/>(905) 272-2788<\/p>\n<p align=\"justify\">Farhan Ali Khan<br \/>Senior Vice President, Corporate Development and Investor Relations<br \/>(905) 272-2788<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NjQ3MyMzODU1NTY2IzIwMTY4MTk=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/3d785e47-1a8b-41dd-984e-5d7a91327ff6\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>goeasy to continue its commercial partnership with Affirm following the acquisition MISSISSAUGA, Ontario, Dec. 03, 2020 (GLOBE NEWSWIRE) &#8212; goeasy Ltd. (TSX: GSY), (\u201cgoeasy\u201d or the \u201cCompany\u201d), a leading full-service provider of goods and alternative financial services, announced today the sale of its minority equity interest in PayBright Inc. (\u201cPayBright\u201d). As announced today by PayBright and Affirm Holdings Inc. (\u201cAffirm\u201d), the shareholders of PayBright have reached a definitive agreement (the \u201cDefinitive Agreement\u201d) to sell 100% of the PayBright shares to Affirm. Additional details can be found within PayBright and Affirm\u2019s joint press release at: https:\/\/www.businesswire.com\/news\/home\/20201203005862\/en\/Affirm-to-Acquire-PayBright-One-of-Canada\u2019s-Leading-Buy-Now-Pay-Later-Providers-for-CAD-340-Million In September 2019, goeasy invested $34.3 million to acquire a minority equity interest in PayBright. Under the terms of the sale transaction, goeasy will receive &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/goeasy-ltd-announces-sale-of-minority-equity-interest-in-paybright-in-connection-with-the-sale-of-paybright-to-affirm\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;goeasy Ltd. Announces Sale of Minority Equity Interest in PayBright in connection with the Sale of PayBright to Affirm&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-393018","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>goeasy Ltd. Announces Sale of Minority Equity Interest in PayBright in connection with the Sale of PayBright to Affirm - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/goeasy-ltd-announces-sale-of-minority-equity-interest-in-paybright-in-connection-with-the-sale-of-paybright-to-affirm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"goeasy Ltd. Announces Sale of Minority Equity Interest in PayBright in connection with the Sale of PayBright to Affirm - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"goeasy to continue its commercial partnership with Affirm following the acquisition MISSISSAUGA, Ontario, Dec. 03, 2020 (GLOBE NEWSWIRE) &#8212; goeasy Ltd. (TSX: GSY), (\u201cgoeasy\u201d or the \u201cCompany\u201d), a leading full-service provider of goods and alternative financial services, announced today the sale of its minority equity interest in PayBright Inc. (\u201cPayBright\u201d). As announced today by PayBright and Affirm Holdings Inc. (\u201cAffirm\u201d), the shareholders of PayBright have reached a definitive agreement (the \u201cDefinitive Agreement\u201d) to sell 100% of the PayBright shares to Affirm. Additional details can be found within PayBright and Affirm\u2019s joint press release at: https:\/\/www.businesswire.com\/news\/home\/20201203005862\/en\/Affirm-to-Acquire-PayBright-One-of-Canada\u2019s-Leading-Buy-Now-Pay-Later-Providers-for-CAD-340-Million In September 2019, goeasy invested $34.3 million to acquire a minority equity interest in PayBright. Under the terms of the sale transaction, goeasy will receive &hellip; Continue reading &quot;goeasy Ltd. 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(TSX: GSY), (\u201cgoeasy\u201d or the \u201cCompany\u201d), a leading full-service provider of goods and alternative financial services, announced today the sale of its minority equity interest in PayBright Inc. (\u201cPayBright\u201d). As announced today by PayBright and Affirm Holdings Inc. (\u201cAffirm\u201d), the shareholders of PayBright have reached a definitive agreement (the \u201cDefinitive Agreement\u201d) to sell 100% of the PayBright shares to Affirm. Additional details can be found within PayBright and Affirm\u2019s joint press release at: https:\/\/www.businesswire.com\/news\/home\/20201203005862\/en\/Affirm-to-Acquire-PayBright-One-of-Canada\u2019s-Leading-Buy-Now-Pay-Later-Providers-for-CAD-340-Million In September 2019, goeasy invested $34.3 million to acquire a minority equity interest in PayBright. Under the terms of the sale transaction, goeasy will receive &hellip; Continue reading \"goeasy Ltd. 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