(Reuters) - Norton and Avast owner Gen Digital has agreed to buy fintech firm MoneyLion in an all-cash deal valued at about $1 billion to beef up its consumer finance offerings, the companies said on Tuesday.
Gen Digital will pay $82 for each MoneyLion share, a 6.5% premium to MoneyLion's last closing price.
Additionally, MoneyLion shareholders will receive one contingent value right per share, entitling them to $23 in Gen Digital common shares, subject to Gen Digital's future stock performance.
The acquisition will expand Gen Digital's financial wellness offerings by leveraging MoneyLion's personal finance platform, which boasts over 18 million users and provides credit-building and financial management services, the companies said.
Gen Digital's existing financial service helps financial institutions reduce fraud expenses by integrating cyber safety solutions that enhance customer data protection online.
The cybersecurity firm, which offers consolidated platforms for a subscription fee, has benefited from businesses increasing their focus on data and enterprise protection, especially as they integrate generative AI technology into their operations.
The deal is expected to close in the first half of Gen Digital's fiscal year 2026 and will boost the company's adjusted per-share profit.
(This story has been refiled to fix the day of the week to Tuesday in paragraph 1)