Enova to buy small business lender OnDeck for $90m

OnDeck 575 375
By Jennifer Kang
29 Jul 2020

Small business lender OnDeck has agreed to a $90m cash and stock deal with Enova after months of struggling through the pandemic crisis. The acquisition is the first in an expected wave of consolidation, as Covid-19 tests the resilience of online lenders, sources say.

The $90m acquisition values OnDeck at $1.38 per share, according to a company press release. This reflects a 90.4% premium based on the closing price of $0.73 on July 27.

The New York-based lender had struggled before the pandemic, but performance deteriorated further in April. In ...

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