Gen Digital Inc. Acquires MoneyLion for $1 Billion

By Tamara Parker • Tuesday, December 10 10:19 • Permanent Link

Gen Digital Inc. (NASDAQ: GEN) has announced its acquisition of MoneyLion Inc. (NYSE: ML) in a definitive agreement for a cash value of approximately $1 billion. With this acquisition, Gen aims to extend its financial wellness offerings and empower consumers to grow, manage, and secure their digital and financial lives.

The acquisition will add financial empowerment to Gen's credit and identity protection solutions. MoneyLion, with over 18 million customers, will expand Gen's customer base, broadening and diversifying the company's top-of-funnel for full credit and identity protection.

The transaction details include Gen acquiring MoneyLion for $82.00 per share in cash payable at closing. Additionally, for each share owned, MoneyLion shareholders will receive at closing one contingent value right (CVR) that entitles the holder to a contingent payment of $23.00 in the form of shares of Gen common stock if Gen’s average volume-weighted average share price reaches at least $37.50 per share over 30 consecutive trading days from December 10, 2024 until 24 months after close.

The proposed acquisition is expected to close in the first half of Gen’s fiscal year 2026 and is subject to customary closing conditions. The acquisition is accretive to non-GAAP EPS and reinforces the company's long-term financial model, with the company re-affirming its commitment of net leverage below 3x EBITDA by FY27.

Gen's financial advisor for the acquisition is Evercore, and Kirkland & Ellis LLP is serving as its legal advisor. MoneyLion's exclusive financial advisor is Keefe, Bruyette & Woods, Inc., a Stifel company, with Davis Polk & Wardwell LLP serving as legal counsel to MoneyLion.

This acquisition marks Gen's dedication to extending its capabilities in enabling people to better manage and grow their financial wealth, as well as its commitment to empowering smarter financial decisions and securing people’s digital and financial lives. The market has reacted to these announcements by moving the company's shares 14.9% to a price of $88.47. Check out the company's full 8-K submission here.

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