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Enova International (ENVA) investor relations material
Enova International M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary11 Dec, 2025
Deal rationale and strategic fit
Acquisition of Grasshopper Bancorp for $369 million in cash and stock unites a leading online lender with a digital-first bank to expand access for underserved consumers and small businesses.
The deal leverages complementary digital lending, banking infrastructure, and technology to deliver a comprehensive suite of financial products nationwide.
Both organizations share digital-first, values-based cultures and flexible online-only business models.
Enhances balance sheet strength, flexibility, and financial inclusion, with broader opportunities for innovation and growth.
Aims to increase financial inclusion and serve more individuals and communities.
Financial terms and conditions
Total consideration is approximately $369 million, split about 50% cash and 50% newly issued shares, with options and warrants paid in cash.
Price/tangible book value at announcement is 2.54x; Enova stockholders will own 94.7% and Grasshopper stockholders 5.3% of the combined company.
Transaction unanimously approved by the board, subject to regulatory and shareholder approvals, expected to close in H2 2026.
SEC filings and proxy statements to be provided for shareholder review.
Transaction metrics and pricing align with other specialty and digital bank acquisitions.
Synergies and expected cost savings
Revenue synergies projected at $175–$230 million annually within two years post-closing, driven by expanded lending and new markets.
Funding synergies expected at $50–$100 million annually from access to $3 billion in low-cost deposits.
Adjusted EPS accretion of over 15% in the first year and over 25% once synergies are fully realized.
Cost of funds expected to decrease by over 200 basis points annually.
No material operational cost savings assumed; focus is on growth and investment in infrastructure and compliance.
Quantify revenue and funding synergies
How will product lines be simplified post-merger
Clarify Steve Cunningham's post-merger roles
CashNet's operational model outside the bank
New consumer products: Chime/Cash App alternatives?
Clarify off-balance sheet deposit mechanism
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Next Enova International earnings date
Q4 20253 Feb, 2026
Next Enova International earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
Enova International, Inc. provides online installment loans, lines of credit, and merchant cash advances; and point-of-sale financing solutions to customers at the time of purchase through retailers and distributors in the automotive, home improvement, and power sports industries. It also offers access to small business loan products through its TouchSuite platform; and integration with Bluefin Payment Systems for end-to-end encryption methods that help to lower the risk of data breach in retail environments. Enova International, Inc. was incorporated in 2011 and is headquartered in Chicago, Illinois.
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