PROG Holdings Acquires P-Squared for $432.9M

PROG Holdings, Inc. completed its acquisition of all issued and outstanding equity interests of P-Squared, LLC on January 2, 2026. Total consideration was approximately $432.9 million, subject to customary post-closing purchase price adjustments.

To finance the acquisition, PROG entered into a fourth amendment to its Credit Agreement, incurring a $125.0 million incremental term loan and using $135.0 million of revolving borrowings plus cash on hand. PROG also financed related costs as part of the debt financing package.

The filing describes Vive Financial as an operating segment prior to October 20, 2025, when PROG sold Vive’s loans receivable portfolio to Fortiva Funding LLC for approximately $143.9 million net consideration, and then wound down Vive’s operations.