(Reuters) – Norton and Avast proprietor Gen Digital has agreed to purchase fintech agency MoneyLion in an all-cash deal valued at about $1 billion to beef up its client finance choices, the businesses stated on Tuesday.
Gen Digital pays $82 for every MoneyLion share, a 6.5% premium to MoneyLion’s final closing value.
Moreover, MoneyLion shareholders will obtain one contingent worth proper per share, entitling them to $23 in Gen Digital widespread shares, topic to Gen Digital’s future inventory efficiency.
The acquisition will increase Gen Digital’s monetary wellness choices by leveraging MoneyLion’s private finance platform, which boasts over 18 million customers and gives credit-building and monetary administration companies, the businesses stated.
Gen Digital’s current monetary service helps monetary establishments cut back fraud bills by integrating cyber security options that improve buyer information safety on-line.
The cybersecurity agency, which affords consolidated platforms for a subscription charge, has benefited from companies growing their concentrate on information and enterprise safety, particularly as they combine generative AI expertise into their operations.
The deal is anticipated to shut within the first half of Gen Digital’s fiscal yr 2026 and can enhance the corporate’s adjusted per-share revenue.
(This story has been refiled to repair the day of the week to Tuesday in paragraph 1)