Synchrony Financial to acquire point-of-sale lender Allegro Credit

Synchrony Financial agreed to acquire Allegro Credit, a point-of-sale consumer financing provider for audiology products, dental services and musical instruments.

Financial terms of the deal were not disclosed.

Allegro Credit's merchant network and customer base will join Synchrony's health and wellness financing platform, CareCredit.

The deal is not expected to have a material impact on the company's financial results, according to a Synchrony news release.

The transaction is subject to customary closing conditions and is expected to close in the first quarter.

Allegro Credit offers loan options with flexible payment terms at the point of sale through a network of 3,200 merchants.