Gen Digital’s Acquisition of MoneyLion Expected to Close April 17
MoneyLion said Thursday (April 10) that its shareholders voted to approve the company’s previously announced proposed acquisition by Gen Digital.
The provider of financial wellness tools also said in a Thursday press release that all regulatory approvals have been obtained and that the two companies expect to complete the acquisition April 17, subject to customary closing conditions.
“Upon completion of the transaction, MoneyLion will become a subsidiary of Gen Digital, and its common stock will no longer be listed on any public market,” the company said in the release.
The shareholders voted at a special meeting to approve the proposed acquisition by about 7.6 million to 1.2 million, according to a Thursday filing with the Securities and Exchange Commission (SEC).
Gen Digital and MoneyLion announced Dec. 10 that they had entered into a definitive agreement for the proposed acquisition, saying that the deal would add MoneyLion’s financial empowerment resources to Gen Digital’s credit and identity protection solutions.
“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,” Gen Digital CEO Vincent Pilette said at the time in a press release. “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.”
Gen’s “cyber safety” brands include Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner.
MoneyLion Co-founder and CEO Dee Choubey said in the Dec. 10 press release that the company will be able to leverage Gen Digital’s “global reach, trusted brands and powerful ecosystem.”
“We’ll deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers.”
In a Jan. 30 earnings release, Gen reported that in the most recent quarter, its revenue was up 4%, its operating income was up 13% and its operating margin was up 3 points.
“Millions of customers trust us to deliver practical solutions built with the best technology to address today’s challenges and anticipate tomorrow’s,” Pilette said in the release. “We’re dedicated to building upon that trust to not only protect their data and assets, but to also help them manage and grow their digital and financial life.”
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