Gen Digital acquires MoneyLion for $82 per share

Gen Digital (GEN) has entered into a definitive agreement to acquire MoneyLion (ML), a leading digital ecosystem for consumer finance that empowers everyone to make their best financial decisions. Through this acquisition, MoneyLion extends Gen’s identity solutions into offering comprehensive financial wellness through MoneyLion’s full-featured personal finance platform that includes credit building and financial management services. The boards of both Gen and MoneyLion have unanimously approved the proposed acquisition of MoneyLion by Gen for $82.00 per share in cash payable at closing, representing a cash value of approximately $1B. In addition, for each share owned, MoneyLion shareholders will receive at closing one contingent value right 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. There can be no assurance that any payments will be made with respect to CVRs. It is expected that the CVRs will be listed on the Nasdaq Stock Market. Closing of the proposed acquisition is expected to occur in the first half of Gen’s FY26, with no impact to Gen’s FY25 guidance. The acquisition is accretive to non-GAAP EPS, and the company re-affirms its commitment of net leverage below 3x EBITDA by FY27.