SALT LAKE CITY – PROG Holdings, Inc. (NYSE:PRG), the fintech parent company of Progressive Leasing, announced on Tuesday a definitive agreement to acquire Purchasing Power, a leading voluntary employee benefits platform, for $420 million in cash. The deal aims to significantly expand PROG’s reach into workplace financial wellness solutions.
Purchasing Power partners with over 360 employers, including 48 Fortune 500 companies, providing more than seven million U.S. employees access to over 70,000 products and services via payroll deduction. The platform allows workers to purchase items like electronics, home goods, and travel services through budget-friendly, automatic payroll allotments.
“For PROG Holdings, acquiring Purchasing Power adds a highly complementary and important new platform to our growing ecosystem of payment solutions,” said Steve Michaels, President and CEO of PROG Holdings. He stated the acquisition advances the company’s strategy to “Grow, Enhance and Expand,” positioning it as a more diversified provider for the near- and sub-prime consumer market.
The transaction, expected to close in early 2026 pending regulatory approvals, will be funded through a combination of cash on hand and debt financing. Purchasing Power will bring approximately $330 million of existing non-recourse funding debt.
PROG Holdings anticipates the acquisition will accelerate product development, create revenue synergies, and broaden its partner ecosystem through Purchasing Power’s established employer relationships and benefit-broker distribution channel.
“Both companies share a similar mission to improve the financial wellbeing of our customers,” said Trey Loughran, CEO of Purchasing Power. “We believe PROG’s scale and resources will accelerate our growth.”
Stephens Inc. and King & Spalding LLP advised PROG Holdings. Purchasing Power was advised by Barclays and Kirkland & Ellis LLP.