Enova’s $90 Million Acquisition Of OnDeck


Jefferies LLC acted as exclusive financial advisor to Enova, and Vedder Price P.C. acted as its legal advisor. Evercore acted as financial advisor to OnDeck and Kirkland & Ellis LLP acted as its legal advisor.

Enova International (NYSE: ENVA) and OnDeck® (NYSE: ONDK) have entered into a definitive agreement under which Enova will acquire all outstanding shares of OnDeck in a cash and stock transaction valued at approximately $90 million. The implied price of $1.38 per OnDeck share reflects a 43.6% premium to its 90-day volume weighted average price and a 90.4% premium based on the closing price of $0.73 per OnDeck share on July 27, 2020.

Enova is a leading provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services.

OnDeck is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online.

The Kirkland team advising OnDeck was led by transactional partners David Klein (Picture) and Carlo Zenkner and associates Marc Holloway and Shachar Nir, executive compensation partners Michael Krasnovsky and Stephanie Jeane and associate Fishel Schreiber, capital markets partner Ross Leff, tax partners Dean Shulman and Adam Kool, and technology & IP transactions partners Seth Traxler and Shellie Freedman.

Involved fees earner: Marc Holloway – Kirkland & Ellis; Stephanie Jeane – Kirkland & Ellis; David Klein – Kirkland & Ellis; Adam Kool – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Shachar Nir – Kirkland & Ellis; Dean Shulman – Kirkland & Ellis; Seth Traxler – Kirkland & Ellis; Shellie Weisfield Freedman – Kirkland & Ellis; Carlo Zenkner – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: On Deck Capital, Inc.;

Author: Ambrogio Visconti