Mobile banking firm MoneyLion has agreed to be acquired by tech group Gen Digital in a $1 billion cash deal.
The boards of both firms have unanimously approved the proposed acquisition of publicly-listed MoneyLion for $82.00 per share in cash, a 6.5% premium on Monday's closing price. In addition, MoneyLion shareholders will receive one contingent value right per share, entitling them to $23 in Gen Digital common shares, subject to future stock performance.
Founded in 2013, MoneyLion claims millions of members for its app, which includes a bank account, an investing tool, the ability to get salary advances, credit score building help, and advice on how to manage money.
The firm- which went public in a $2.9 billion Spac listing in 2021 - also has a B2B2C white-labeled AI recommendation platform that Gen Digital says can be leveraged and enhanced by its own consumer base.
Gen owns a host of cybersecurity brands, including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner.
"Gen has a family of consumer brands that's dedicated to protecting people's privacy, identity and financial assets so they can live their digital lives securely and without worry," says Vincent Pilette, CEO, Gen.
"By bringing MoneyLion into the Gen family, we're not only helping people protect what they already have, we're extending our capabilities to enable people to better manage and grow their financial wealth."