Cases & Deals

NerdWallet to acquire On The Barrelhead for $120 million

Clients NerdWallet, Inc.

Jones Day is advising NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small- and mid-sized businesses, in its acquisition of On the Barrelhead, Inc. for total consideration of approximately $120 million, subject to customary purchase price adjustments, consisting of approximately $70 million in cash and $50 million in NerdWallet Class A common stock. On the Barrelhead is a data-driven platform that provides consumers and small- and mid-sized businesses with credit-driven product recommendations to help improve their financial lives.

The NerdWallet equity issued as part of the transaction will be determined based on the 30-trading day volume-weighted-average price as of June 22, 2022, and half of the equity will have a two-year lock-up restriction. NerdWallet expects to finance the cash portion of the acquisition with borrowings from its existing credit facility. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.