Mobile banking firm MoneyLion has reached an agreement to be acquired by technology group Gen Digital in a $1 billion cash deal.
The boards of both companies have unanimously approved the acquisition of publicly-listed MoneyLion for $82.00 per share in cash, representing a 6.5% premium over Monday’s closing price. Additionally, MoneyLion shareholders will receive one contingent value right per share, granting them $23 in Gen Digital common shares, contingent on future stock performance.
Founded in 2013, MoneyLion claims millions of members for its app, which offers features such as a bank account, an investment tool, salary advances, credit score enhancement, and financial management advice.
The company, which went public through a $2.9 billion SPAC listing in 2021, also provides a B2B2C white-labeled AI recommendation platform. Gen Digital plans to leverage and enhance this platform using its own consumer base.
Gen Digital owns several cybersecurity brands, including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner.
Vincent Pilette, CEO of Gen Digital, stated, “Gen has a family of consumer brands dedicated to protecting people’s privacy, identity, and financial assets, allowing them to live their digital lives securely and without worry. By integrating MoneyLion into the Gen family, we’re not only helping people protect what they have, but also enhancing our capabilities to help them better manage and grow their financial wealth.”