Enova to buy small business lender OnDeck for $90m

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 ...Already a subscriber? Login