Intuit’s $7.1 Billion Acquisition of Credit Karma

Qatalyst Partners served as Intuit’s financial advisor, and Latham & Watkins, LLP served as legal advisor. Goldman Sachs & Co. LLC served as Credit Karma’s financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and Wilson Sonsini Goodrich & Rosati served as legal advisors.

Intuit (Nasdaq: INTU) agreed to acquire Credit Karma for approximately $7.1 billion in cash and stock.

By agreeing to acquire Credit Karma, a company with nearly $1 billion in unaudited revenue in calendar year 2019, up 20% from the previous year, Intuit accelerates its mission of powering prosperity around the world.

The combination brings together two technology leaders with a shared goal to help solve the personal finance problems that consumers face today, regardless of their financial situation — managing debt, maximizing savings, access to better credit cards and loans — with an aim to put more money in consumers’ pockets.

The purchase price for Credit Karma will be payable in equal portions of cash and Intuit common stock, with the shares of Intuit common stock being valued at approximately $299.73 per share.

Intuit is a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives.

Founded in 2007 by Ken Lin, Credit Karma is a consumer technology company with more than 100 million members in the U.K., United States and Canada, including almost half of all U.S. millennials.

Latham & Watkins LLP advised Intuit in the transaction with a corporate deal team led by Bay Area partners Luke Bergstrom (Picture) and Chad Rolston, with associates Katherine Chen, Kaitlyn Fulcher, David Chen, Amanda Dillon, Bradley Alvarez, Bret Stancil, and Paul Jeffrey. Advice was also provided on benefits and compensation matters by Bay Area partner Julie Crisp and London partner Catherine Drinnan, with associates Mary Alice DiPietro and Sophie Cooper; on tax matters by Bay Area partner Grace Lee, with associates Anne McGinnis and Jeremiah Cowen; on technology transactions matters by Bay Area partner JD Marple, with associates Arielle Singh, Cassandra Wang, Adam Kaldor, and Heather Lui; on data privacy matters by London partner Deborah Kirk and Bay Area counsel Robert Blamires, with associates James Smith and Olga Phillips; on antitrust matters by Washington, D.C. partner Amanda Reeves, Bay Area partner Joshua Holian, and Washington, D.C. counsel Alan Devlin, with associates Kelly Fayne, Elise Nelson, Clarissa Lu, and Sydney Lakin; on securities matters by Washington, D.C. partner Joel Trotter, with associates Nicholas Monsees and Raul Gonzalez; on FCPA matters by Washington, D.C. partner Brian Kowalski, with associate Arianna Medina; on regulatory matters by New York partner Alan Avery and New York counsel Pia Naib; on UK corporate matters by associates Suneel Basson-Bhatoa and Georgina Scott; on UK financial regulation matters by London partner Nicola Higgs, with associates Becky Critchley and Katy Sanders; and on compliance matters by New York partner Blair Connelly, with associate Sindhu Boddu.

The Skadden team included M&A partners Mike Ringler (Palo Alto) and Sonia Nijjar (Palo Alto), and associates Christopher Hammond (Palo Alto), Junying Shao (Palo Alto), Raphael Davidian (Palo Alto), Donald Munson (Palo Alto) and Grace Yingchuan Mo (New York); Tax partner Sean Shimamoto (Palo Alto) and associate Su Da (Palo Alto); Executive Compensation and Benefits partner Joseph Yaffe (Palo Alto/Los Angeles) and counsel Kristin Davis(Palo Alto); Labor and Employment Law partner Karen Corman (Los Angeles) and associate Ryne Posey (Los Angeles); and Intellectual Property and Technology counsel Ken Kumayama (Palo Alto) and associate Daniel Healow (Palo Alto).

The Wilson Sonsini team included M&A partners Tony Jeffries, Melissa Hollatz, and associates Andrew Gillman, Anna Mascoli, Jay Carter, Zack Lenox, Jacqueline Jung; Antitrust partner Jamillia Ferris and counsel Christopher Williams; Employee Benefits & Compensation partner Sriram Krishnamurthy.

Involved fees earner: Bradley Alvarez – Latham & Watkins; Alan Avery – Latham & Watkins; Suneel Basson-Bhatoa – Latham & Watkins; Luke Bergstrom – Latham & Watkins; Robert Blamires – Latham & Watkins; Sindhu Boddu – Latham & Watkins; David Chen – Latham & Watkins; Katherine Chen – Latham & Watkins; Blair Connelly – Latham & Watkins; Sophie Cooper – Latham & Watkins; Jeremiah Cowen – Latham & Watkins; Julie Crisp – Latham & Watkins; Becky Critchley – Latham & Watkins; Alan Devlin – Latham & Watkins; Amanda Dillon – Latham & Watkins; Mary Alice DiPietro – Latham & Watkins; Catherine Drinnan – Latham & Watkins; Raul Gonzalez – Latham & Watkins; Nicola Higgs – Latham & Watkins; Joshua Holian – Latham & Watkins; Paul Jeffrey – Latham & Watkins; Adam Kaldor – Latham & Watkins; Deborah Kirk – Latham & Watkins; Brian Kowalski – Latham & Watkins; Sydney Lakin – Latham & Watkins; Grace Lee – Latham & Watkins; Clarissa Lu – Latham & Watkins; Heather Lui – Latham & Watkins; JD Marple – Latham & Watkins; Anne McGinnis – Latham & Watkins; Arianna Medina – Latham & Watkins; Nicholas Monsees – Latham & Watkins; Pia Naib – Latham & Watkins; Elise Nelson – Latham & Watkins; Kaitlyn Fulcher – Latham & Watkins; Olga Phillips – Latham & Watkins; Amanda Reeves – Latham & Watkins; Chad Rolston – Latham & Watkins; Katy Sanders – Latham & Watkins; Georgina Scott – Latham & Watkins; Arielle Singh – Latham & Watkins; James Smith – Latham & Watkins; Kelly Smith Fayne – Latham & Watkins; Bret Stancil – Latham & Watkins; Joel Trotter – Latham & Watkins; Cassandra Wang – Latham & Watkins; Karen Corman – Skadden Arps Slate Meager & Flom; Su Da – Skadden Arps Slate Meager & Flom; Raphael Davidian – Skadden Arps Slate Meager & Flom; Kristin Davis – Skadden Arps Slate Meager & Flom; Christopher Hammond – Skadden Arps Slate Meager & Flom; Daniel Healow – Skadden Arps Slate Meager & Flom; Ken Kumayama – Skadden Arps Slate Meager & Flom; Grace Yingchuan Mo – Skadden Arps Slate Meager & Flom; Donald Munson – Skadden Arps Slate Meager & Flom; Sonia Nijjar – Skadden Arps Slate Meager & Flom; Ryne Posey – Skadden Arps Slate Meager & Flom; Mike Ringler – Skadden Arps Slate Meager & Flom; Junying Shao – Skadden Arps Slate Meager & Flom; Sean Shimamoto – Skadden Arps Slate Meager & Flom; Joseph Yaffe – Skadden Arps Slate Meager & Flom; Jay Carter – Wilson Sonsini Goodrich & Rosati; Jamillia Ferris – Wilson Sonsini Goodrich & Rosati; Andrew Gillman – Wilson Sonsini Goodrich & Rosati; Melissa Hollatz – Wilson Sonsini Goodrich & Rosati; Tony Jeffries – Wilson Sonsini Goodrich & Rosati; Jacqueline Jung – Wilson Sonsini Goodrich & Rosati; Sriram Krishnamurthy – Wilson Sonsini Goodrich & Rosati; Zack Lenox – Wilson Sonsini Goodrich & Rosati; Anna Mascoli – Wilson Sonsini Goodrich & Rosati; Christopher Williams – Wilson Sonsini Goodrich & Rosati;

Law Firms: Latham & Watkins; Skadden Arps Slate Meager & Flom; Wilson Sonsini Goodrich & Rosati;

Clients: Credit Karma; Intuit Inc.;