November 16, 2017 / 1:53 PM / a year ago

Synchrony to buy $6.8 billion receivables portfolio from PayPal

FILE PHOTO: The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration/File Photo

(Reuters) - Consumer financial services company Synchrony Financial said on Thursday that it would buy $6.8 billion in receivables from PayPal Holdings Inc, including the payment processor’s U.S. consumer credit receivables portfolio.

The deal is expected to close in the third quarter of 2018, the companies said.

Reporting by Roopal Verma in Bengaluru

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