Intuit to buy Credit Karma in a cash-and-stock deal for about $7.1 billion

The deal would be neutral to accretive to Intuit's adjusted earnings per share in the first year after the transaction closes, which is expected in the second half of 2020

Intuit said on Monday it would buy privately held personal finance portal Credit Karma in a cash-and-stock deal for about $7.1 billion, as the TurboTax maker seeks to expand further into consumer finance.

Credit Karma was valued at about $4 billion based on its last funding round in March 2018, led by private equity firm Silver Lake. Credit Karma is also backed by financial-technology venture firm Ribbit Capital. (https://intuit.me/37WWuxt) The purchase price will be payable in equal portions of cash and Intuit stock, with the shares of Intuit being valued at about $299.73 per share, the company said.

The deal would be