05:52 PM EST, 12/12/2024 (MT Newswires) -- Upbound Group ( UPBD ) said Thursday it agreed to acquire Brigit for up to $460 million in cash and shares.

The transaction includes $325 million payable at closing, comprising 75% cash and 25% shares, and $75 million deferred cash consideration over two years, Upbound added.

Additionally, the deal includes a potential earnout of up to $60 million based on Brigit's financial performance metrics in 2026.

Upbound said it will fund the deal with cash on hand, borrowing under its $550 million revolving credit facility, and issuance of new shares.

Brigit founders Zuben Mathews and Hamel Kothari will continue to head the team within Upbound.