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PROG (PRG) investor relations material
PROG M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary2 Dec, 2025
Deal rationale and strategic fit
Acquisition expands reach into over 25 industries and 360+ employer relationships, including 48 Fortune 500 companies and 7 of the top 30 U.S. employers, with minimal customer overlap, enabling significant cross-selling opportunities.
Adds a differentiated payroll-deducted payment model, broadening distribution through a scaled B2B employer network and supporting the mission to provide flexible payment options to underserved consumers.
Provides access to an employee-focused consumer base, creating new employer-client and partner opportunities and strengthening the partner ecosystem.
Purchasing Power’s B2B2C model and payroll-deducted payment structure closely align with existing operations, supporting familiar processes and efficient integration.
Advances the long-term growth strategy to offer transparent, inclusive payment options to near- and below-prime consumers.
Financial terms and conditions
Purchase price is $420 million in cash, funded by $175 million cash on hand and $260 million in new or existing debt facilities; $330 million of non-recourse funding debt remains in place post-close.
Projected 2026 revenue for the acquired business is $680M–$730M, with adjusted EBITDA of $50M–$60M.
Double-digit percentage EPS accretion expected in 2026.
Transaction expected to close in early 2026, subject to regulatory approvals and customary closing conditions.
Synergies and expected cost savings
Revenue synergies expected from cross-selling to a largely non-overlapping customer base and leveraging employer and retailer relationships.
Cost synergies anticipated from operational consolidation, with some included in 2026 EBITDA guidance.
Expanded scale will accelerate new product development, increase customer engagement, and improve decisioning capabilities.
Opportunities to improve EBITDA margins from mid-high single digits to low double digits over 24 months through scale and integration.
Stable portfolio performance expected through employment-based data and payroll integration.
How does Purchasing Power's customer base differ?
How will combined tech accelerate new product development?
What are the implications of Purchasing Power's debt?
Describe key revenue synergy opportunities
What is the target adjusted EBiTDA margin?
What is the primary driver of portfolio risk?
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Q4 202518 Feb, 2026
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Frequently asked questions
PROG Holdings, Inc. operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. The company offers home furnishings and appliances, mattresses and accessories, electronics, and lawn and garden products through lease-purchase agreements under the Progressive Leasing name. As of February 26, 2020, it operated approximately 18 offices in the United States. The company was founded in 1955 and is headquartered in Draper, Utah.
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