J Sainsbury PLC (JSAIY.PK, SBRY.L) announced the sale of the Argos Financial Services cards portfolio to NewDay Group. The purchase price for the portfolio acquisition is expected to be around 720 million pounds. Sainsbury's also announced the creation of a partnership with NewDay to create a new Argos-branded digital credit proposition.
Sainsbury's will be providing a corporate loan of up to 60 million pounds to NewDay in the form of a transferable vendor loan note with a three year term issued by NewDay Group.
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