Prog Holdings to acquire Purchasing Power for $420M in cash

Prog Holdings (PRG) announced it has reached an agreement to acquire Purchasing Power, a voluntary employee benefit program provider allowing employees to purchase brand-name products and services through either automatic payroll deductions or allotments. Under the terms of the transaction, Prog Holdings will acquire Purchasing Power for $420M in cash, funded through a combination of cash on hand and debt financing. In addition, at the closing of the transaction, Purchasing Power will have approximately $330M of non-recourse funding debt under its securitization and warehouse facilities that will remain in place. The transaction is expected to close in early 2026 following the receipt of requisite regulatory approvals and the satisfaction of other customary closing conditions.