Sullivan & Cromwell, Skadden Forge Ally's $750M Fintech Buy

By Benjamin Horney (October 21, 2021, 9:29 AM EDT) -- Ally Financial Inc. has agreed to buy private equity-backed credit card company Fair Square Financial LLC for roughly $750 million in cash, the companies said Thursday, in a transaction put together by respective legal advisers Sullivan & Cromwell and Skadden.

The acquisition is meant to help Charlotte, North Carolina-headquartered Ally in its quest to become one of the world's premier, full-service digital banking services providers, according to a statement. 

Wilmington, Delaware-based Fair Square makes credit card products under the Ollo brand. Currently, the company serves about 658,000 cardholders and has about $763 million in loan balances.

Jeffrey J. Brown, CEO of...

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