Gen Digital (GEN) said Tuesday it has agreed to acquire MoneyLion (ML) for about $1 billion in cash plus additional securities.

Gen Digital said it will pay $82.00 per share in cash and MoneyLion stockholders will receive one contingent value right that entitles holders to a payment of $23.00 in GEN shares if the shares' average volume-weighted price reaches at least $37.50 over 30 consecutive trading days from Dec. 10 until 24 months after close.

The boards of both Gen and MoneyLion have unanimously approved the proposed acquisition, which is expected to close in H1 2026.

Gen Digital said the acquisition will be accretive to adjusted EPS but won't impact its fiscal year 2025 guidance.

ML shares were up 12% while GEN shares were edging 0.6% higher in recent premarket activity.