08:34 AM EST, 12/10/2024 (MT Newswires) -- Gen Digital ( GEN ) said Tuesday it has agreed to acquire MoneyLion ( ML ) for about $1 billion in cash plus additional securities.

Gen Digital ( GEN ) said it will pay $82.00 per share in cash and MoneyLion ( ML ) stockholders will receive one contingent value right that entitles holders to a payment of $23.00 in GEN shares if the shares' average volume-weighted price reaches at least $37.50 over 30 consecutive trading days from Dec. 10 until 24 months after close.

The boards of both Gen and MoneyLion ( ML ) have unanimously approved the proposed acquisition, which is expected to close in H1 2026.

Gen Digital ( GEN ) said the acquisition will be accretive to adjusted EPS but won't impact its fiscal year 2025 guidance.

ML shares were up 12% while GEN shares were edging 0.6% higher in recent premarket activity.