By Josh Beckerman

Ally Financial has agreed to buy consumer finance company CardWorks for about $2.65 billion in cash and stock.

CardWorks has $4.7 billion in assets and $2.9 billion in deposits.

Ally said the deal will provide "instant capability and scale opportunity" in credit cards and merchant services.

CardWorks Chief Executive and founder Don M. Berman owns 70% of the company, which received minority investments in 2017 from Pacific Investment Management Co., Parthenon Capital Partners and Reverence Capital Partners.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

February 18, 2020 18:18 ET (23:18 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Grafico Azioni Allianz (TG:ALV)
Storico
Da Mar 2024 a Apr 2024 Clicca qui per i Grafici di Allianz
Grafico Azioni Allianz (TG:ALV)
Storico
Da Apr 2023 a Apr 2024 Clicca qui per i Grafici di Allianz