Independence Pet Holdings, Inc. agreed to acquire Pets Best Insurance Services, LLC from Synchrony Financial (NYSE:SYF) on November 23, 2023. Consideration comprising a combination of cash and an equity interest in Independence Pet Holdings, Inc. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close in the first quarter of 2024, which is estimated to result in the recognition of a gain on sale, net of tax, of approximately $750 million.

Independence Pet Holdings, Inc. completed the acquisition of Pets Best Insurance Services, LLC from Synchrony Financial (NYSE:SYF) on March 6, 2024. Independence Pet Holdings will appoint two Synchrony executives to its Board of Directors. As part of the Independence Pet Holdings family, Pets Best will continue to operate under the same brand and leadership.