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PayPal closes sale of consumer credit receivables to Synchrony

The sale of PayPal Holdings Inc.'s consumer credit receivables to Synchrony Financial is complete.

Synchrony acquired $7.6 billion in receivables, including PayPal's $6.8 billion U.S. consumer credit receivables portfolio and approximately $800 million in participation interests in receivables held by unaffiliated third parties, for approximately $6.9 billion.

PayPal and Synchrony have extended their existing co-brand consumer credit card program agreement, and Synchrony has become the exclusive issuer of PayPal Credit online consumer financing program in the U.S. through 2028.