Intuit to buy Credit Karma for $7.1bn

first_img Intuit’s shares were up nearly two per cent after market. Intuit’s shares closed down nearly four per cent on Monday. Broader markets also fell sharply amid heightened coronavirus fears. Share The purchase price will be payable in equal portions of cash and Intuit stock, with the shares of Intuit being valued at about $299.73 per share, the company said. whatsapp (Getty Images) whatsapp The deal would be neutral to accretive to Intuit’s adjusted earnings per share in the first year after the transaction closes, which is expected in the second half of 2020. Credit Karma was valued at about $4bn based on its last funding round in March 2018, led by private equity firm Silver Lake. Credit Karma is also backed by financial-technology venture firm Ribbit Capital.  Reuters Intuit to buy Credit Karma for $7.1bn Qatalyst Partners acted as financial adviser to Intuit, while Goldman Sachs advised Credit Karma. Intuit said today it would buy privately held personal finance portal Credit Karma in a cash-and-stock deal for about $7.1bn (£5.5bn) as the Turbotax maker seeks to expand further into consumer finance. Intuit also reported its second-quarter results, posting a 27 per cent rise in profit compared to a year earlier, as it earned more from its Quickbooks bookkeeping software. Show Comments ▼ Mountain View, California-based Intuit went public in 1993, a decade after it was founded. It is the maker of Turbotax, an online software used by millions to file taxes. Monday 24 February 2020 10:27 pm The Wall Street Journal first reported details of the talks on Sunday. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comlast_img

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