NerdWallet to acquire On the Barrelhead for ~$120M; expects Q3 2022 close

NERDWALLET, INC.

Total consideration ~$120M: $70M cash from existing credit facility + $50M in stock (VWAP $10.37/share, half subject to 2-year lock-up).
On the Barrelhead had ~$38M revenue in 2021 (~90% YoY growth) and $5M net income; deal expected to be accretive to 2022 revenue and adjusted EBITDA.
Closing expected in Q3 2022, subject to customary conditions; ~$30M bonus retention pool for OTB management.
CEO Tim Chen awarded 239,507 RSUs and 598,768 stock options; 4-year vest beginning July 1, 2022.

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