PATHWARD FINANCIAL, INC. (CASH): M&A transaction — Pathward Financial sells premium finance business for $603M; raises FY2025 EPS guidance to $7.25-$7.75

PATHWARD FINANCIAL, INC.

Completed sale of commercial insurance premium finance business for $603.3M cash on Oct 31, 2024.
Purchase price includes $31.2M premium; estimated after-tax gain of $13.8M.
Raised FY2025 GAAP EPS guidance to $7.25-$7.75 per diluted share.
Assumes two 25bp rate cuts in Nov & Dec 2024; NIM to exceed FY2024; tax rate 18-20%.
Expects $150-200M securities sale in Q1 FY2025, generating loss to offset pre-tax gain from sale.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PATHWARD FINANCIAL, INC. completed a disposition involving Honor Capital Corporation for $603.3 million (closed 2024-10-31).

Action: disposition
Counterparty: Honor Capital Corporation
Consideration: $603.3 million
Closing: 2024-10-31

Exact text from the filing

to AFS IBEX Financial Services, LLC ("AFS IBEX"), and Honor Capital Holdings, LLC as guarantor (“Guarantor”). The cash purchase price paid by the Purchaser at the closing was $603.3 million, based on the net asset value of the assets purchased and liabilities assumed pursuant to the Purchase Agreement plus a $31.2 million premium, subject to customary post-closing

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PATHWARD FINANCIAL, INC. filing history →

Source: SEC EDGAR

accession 0000907471-24-000127

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