01:04 PM EST, 03/06/2024 (MT Newswires) -- Synchrony (SYF) has completed the sale of its former Pets Best Insurance Services unit to Independence Pet Holdings in exchange for an undisclosed stake in the private equity-backed pet insurance company, the companies said Wednesday.

The deal also included a new commercial agreement with the companies, building on synergies created by Independence Pet's pet health care insurance products and Synchrony's CareCredit health and wellness credit card. Two Synchrony executives also will join the Independence Pet board of directors, the company said.

Financial terms and other details about the Pets Best sale and the commercial agreement were not disclosed.

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