Deals
Greensill Agrees to $24 Million Sale of Finacity to Former Owner
- Proposal would lock in initial bid at bankruptcy auction
- Buyer to pay $3 million in cash, forgive $21 million in debt
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Greensill Capital’s U.S. unit has agreed to sell its Finacity Corp. business to the head of the division for $24 million unless a higher bid comes in at a proposed bankruptcy auction.
Under the tentative deal, which must be approved by a judge, the U.S. unit would sell Finacity to its current president, Adrian Katz. In 2019, Katz and his family owned about 20% of Finacity when Greensill bought it, according to court papers filed Monday.