PROG Holdings acquires Purchasing Power for $420M; expands into employee benefit payments

PROG Holdings, Inc.

Acquisition of Purchasing Power for $420M in cash; funded from cash on hand and debt financing.
Target's $330M non-recourse securitization/warehouse debt remains in place post-close.
Purchasing Power provides voluntary benefits to 7M+ employees via >360 employer partners, including 48 Fortune 500 companies.
Deal expected to close in early 2026, subject to HSR and other customary conditions.
PROG sees revenue synergies, cost efficiencies, and expanded customer reach from combined platform.

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