DEFM14A: Gen Digital to Acquire MoneyLion in $82 Per Share Cash and CVR Deal

• Gen Digital and MoneyLion have entered into a definitive merger agreement.
• Gen Digital will acquire MoneyLion for $82 per share in cash plus one contingent value right (CVR).
• The CVR provides an additional $23 per share payable in Gen Digital common stock if certain conditions are met.
• MoneyLion stockholders will vote on the merger agreement on April 10, 2025.
• Certain MoneyLion stockholders, representing approximately 18.7% of outstanding shares, have agreed to vote in favor of the merger.
• Gen Digital expects to issue up to approximately 12,817,301 CVRs to MoneyLion stockholders.
• The transaction is expected to close in the second quarter of 2025.
• Keefe, Bruyette & Woods, Inc. delivered a written opinion to MoneyLion's board of directors as to the fairness, from a financial point of view, of the merger consideration.

Score: 7

Explanation: The document is generally positive, outlining the benefits of the merger for both companies and their stockholders. However, there are also risks and uncertainties associated with the transaction, which temper the overall sentiment.

• MoneyLion stockholders will receive $82 per share in cash, providing immediate value.
• The CVR offers potential upside if Gen Digital's stock price performs well.
• The MoneyLion board of directors has unanimously recommended the merger.
• Certain major MoneyLion stockholders have committed to voting in favor of the deal.
• Gen Digital is a well-established company with a strong portfolio of brands.

• The CVR's value is contingent and may not be realized if Gen Digital's stock price does not meet the specified target.
• MoneyLion stockholders will no longer have an equity stake in the company after the merger.
• The merger agreement includes a termination fee that MoneyLion may be required to pay under certain circumstances.
• The transaction is subject to regulatory approvals and other closing conditions, which could delay or prevent the merger from being completed.

• The CVR's value is uncertain and dependent on Gen Digital's stock price performance.
• Regulatory approvals may not be obtained or may be subject to conditions that could negatively impact the deal.
• The merger may not be completed if closing conditions are not satisfied.
• The pendency of the merger could adversely affect MoneyLion's business.
• Gen Digital may fail to realize the anticipated benefits of the merger.
• MoneyLion's executive officers and directors have interests in the merger that may differ from those of stockholders.
• Transaction-related lawsuits could result in substantial costs and delay or prevent the merger.
• Gen Digital will assume MoneyLion's risks arising from various regulatory matters and legal proceedings.
• Gen Digital may not be able to service all of its indebtedness and may be forced to take other actions to satisfy Gen Digitals obligations under Gen Digitals indebtedness, which may not be successful.

Gen Digital and MoneyLion expect to complete the merger in the second quarter of 2025, subject to the satisfaction of all closing conditions.

The acquisition reflects a trend of consolidation in the financial technology and cybersecurity industries, as companies seek to expand their product offerings and customer base.

• Comparable companies in the financial technology sector, such as LendingClub and Green Dot, have seen similar acquisition activity, with valuations often tied to revenue multiples and growth potential.
• Gen Digital's acquisition of MoneyLion can be compared to other deals in the cybersecurity space, such as Broadcom's acquisition of Symantec's enterprise security business, where strategic fit and synergy potential were key drivers.
• The CVR structure is a common tool used in M&A transactions to bridge valuation gaps and provide potential upside to sellers if certain performance targets are achieved, as seen in other tech and biotech deals.

• MoneyLion stockholders will receive $82 per share in cash and a CVR.
• MoneyLion employees may experience uncertainty about their future roles.
• The merger could affect MoneyLion's relationships with its customers, suppliers, and vendors.

• MoneyLion stockholders will vote on the merger agreement on April 10, 2025.
• Gen Digital and MoneyLion will seek regulatory approvals for the merger.
• The companies will work to satisfy all closing conditions and complete the transaction in the second quarter of 2025.

• As of March 5, 2025, no complaints had been filed by purported MoneyLion stockholders challenging the merger, and no complaints had been filed by purported Gen Digital stockholders challenging the merger.
• Beginning on February 9, 2025, certain purported stockholders of MoneyLion sent demand letters alleging deficiencies and/or omissions in the registration statement on Form S-4, of which this joint proxy statement/prospectus forms a part (the demand letters).
• The demand letters seek additional disclosures to remedy these purported deficiencies.

• December 10, 2024: Date of the merger agreement.
• January 21, 2025: Waiting period under the HSR Act expired.
• January 24, 2025: Go-shop period ended.
• February 11, 2025: Record date for the MoneyLion special meeting.
• April 3, 2025: Deadline to request documents from MoneyLion to receive them before the special meeting.
• April 9, 2025: Deadline to vote by proxy over the Internet or by telephone.
• April 10, 2025: Date of the MoneyLion special meeting.
• Second Quarter 2025: Expected completion of the merger.
• September 10, 2025: Original termination date of the merger agreement.
• December 10, 2025: Extended termination date of the merger agreement (if applicable).