SoFi Technologies, Inc. signed a definitive agreement to acquire Galileo Financial Technologies, Inc. from Mercato Partners Growth II, L.P. managed by Mercato Partners and others for $1.2 billion.
April 07, 2020
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SoFi Technologies, Inc. (NasdaqGS:SOFI) signed a definitive agreement to acquire Galileo Financial Technologies, Inc. from Mercato Partners Growth II, L.P. managed by Mercato Partners and others for $1.2 billion on April 7, 2020. The purchase price comprised of cash and stock. Upon-closing, Galileo will continue to operate as an independent subsidiary of Social Finance Inc, with Clay Wilkes as Chief Executive Officer. The transaction is subject to regulatory approvals and other customary closing conditions. On April 20, 2020, Federal Trade Commission granted an early termination notice of antitrust approval waiting period. Goldman Sachs & Co. LLC and Citigroup served as financial advisors to Social Finance, Inc. Stephanie Evans, Eric Hanson, Adam Freiman and James Higgins from Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Social Finance for corporate, Ciara Baker, Michael Bevilacqua, Leon Greenfield, Scott Kilgore, Kirk Nahra, Chalyse Robinson, Matt Schnall, Kim Wethly, Joseph Minko, Nathan Moore and Meghan Walsh from Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Social Finance for other specialists areas. Qatalyst Partners LP served as financial advisor and Dorsey & Whitney LLP acted as legal advisor to Galileo. Qatalyst Partners served as financial advisor and Dorsey & Whitney acted as legal advisor to Galileo. Spencer Klein of Morrison & Foerster advised as legal advisor to Qatalyst Partners LP.
SoFi Technologies, Inc. is a provider of financial services. The Company, through its lending and financial services products, allows members to borrow, save, spend, invest, and protect their money. It operates through three segments: Lending, Technology Platform and Financial Services. The Lending Segment offers personal loans, student loans, home loans and related servicing. Its platform supports the full transaction lifecycle, including credit application, underwriting, approval, funding, and servicing. The Technology Platform segment provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms. The Financial Services segment include SoFi Money, SoFi Invest, and other services, including SoFi Credit Card, Lantern Credit, SoFi Relay, SoFi Protect, and SoFi Travel.
SoFi Technologies, Inc. signed a definitive agreement to acquire Galileo Financial Technologies, Inc. from Mercato Partners Growth II, L.P. managed by Mercato Partners and others for $1.2 billion.
SOFI TECHNOLOGIES, INC. 
