MoneyLion shareholders greenlight acquisition by Gen Digital

NEW YORK - Shareholders of MoneyLion Inc. (NYSE: ML) have voted in favor of the company's acquisition by Gen Digital Inc. (NASDAQ: GEN), as per the latest corporate update. Gen Digital, currently trading at $24.26 with a market capitalization of $14.95 billion, has received the necessary stockholder approval for this definitive agreement, paving the way for the completion of the transaction. According to InvestingPro analysis, Gen Digital shows a GOOD overall financial health score.

Under the approved terms, each share of MoneyLion's Class A common stock will be converted into the right to receive $82.00 in cash and one contingent value right. This right entitles the holder to a contingent payment of 0.7546 shares of Gen Digital common stock, provided Gen Digital's average share price hits at least $37.50 over 30 consecutive trading days between December 10, 2024, and 24 months post-closure. InvestingPro data indicates Gen Digital is currently undervalued, with analyst price targets ranging from $25 to $37.

The acquisition, which has already secured all regulatory approvals, is expected to finalize on April 17, 2025, subject to customary closing conditions. Following the completion of this deal, MoneyLion will operate as a subsidiary of Gen Digital, and MoneyLion's common stock will be delisted from public trading. Gen Digital maintains strong fundamentals with an impressive 80.3% gross profit margin and healthy cash flows, according to InvestingPro data.

MoneyLion, established in 2013, is recognized for its financial technology innovations, particularly its consumer finance super app and enterprise embedded finance platform. The company's mission is to empower consumers to make informed financial decisions through personalized products, content, and a comprehensive marketplace technology.

The acquisition is anticipated to enhance the financial and strategic position of the combined entity. Gen Digital's robust financial health is evidenced by its $3.9 billion in revenue and strong EBITDA of $2.2 billion in the last twelve months. However, the press release also cautions that forward-looking statements regarding expectations and benefits of the transaction involve risks and uncertainties, and actual results may differ materially. For deeper insights into Gen Digital's financial metrics and growth potential, access the comprehensive Pro Research Report available exclusively on InvestingPro.

This news is based on a press release statement from MoneyLion Inc. and does not include subjective assessments or promotional commentary. The information provided aims to offer a clear and factual report on the shareholder approval of the acquisition agreement between MoneyLion Inc. and Gen Digital Inc.

In other recent news, Gen Digital Inc. reported a strong financial performance for the third quarter of 2024, with revenue reaching $986 million, a 4% increase from the previous year. The company also saw net income rise by 11% to $350 million, and earnings per share grew by 15% to $0.56. Additionally, Gen Digital announced plans to sell $1.1 billion in senior notes to repurchase existing notes and support general corporate activities. The company introduced new AI-powered scam protection features across its Norton Cyber Safety products, aiming to combat the increasing threat of scams and social engineering. These features, available at no extra cost, include Genie Scam Protection and Safe SMS, among others. Gen Digital has also launched Norton Genie, a tool designed to help consumers detect scams through various digital channels. Furthermore, the company is set to acquire MoneyLion, enhancing its financial wellness offerings and expanding its customer base. Analysts have shown interest in Gen Digital's strategic focus, with discussions about the integration of MoneyLion and the adoption of Norton 360 by mobile customers.

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