Mogo says Wonderfi to be acquired by Robinhood for C$0.36 per share

Mogo (MOGO) announced that its portfolio company, WonderFi Technologies, has entered into a definitive agreement with Robinhood Markets, (HOOD) and a wholly owned subsidiary of Robinhood. Pursuant to the Arrangement Agreement, the Purchaser will acquire all of the issued and outstanding common shares of WonderFi for C$0.36 per Common Share by way of a statutory plan of arrangement under the Business Corporations Act. The all-cash purchase price represents a total equity value of approximately C$250M on a fully diluted, in-the-money basis, a premium of approximately 41% to the closing price of the Common Shares on the Toronto Stock Exchange on May 12, 2025, the last trading day prior to the announcement of the Arrangement, and a premium of approximately 71% to the 30-day volume-weighted average trading price of the Common Shares as at that date. Mogo is WonderFi’s largest shareholder, holding approximately 82 million common shares. As part of the Arrangement, Mogo and certain other shareholders as well as the directors and certain officers of WonderFi, collectively holding approximately 28% of the issued and outstanding Common Shares, entered into voting support agreements pursuant to which they have agreed to vote their shares in favour of the Arrangement, subject to certain conditions. The Transaction is expected to close in the second half of 2025, subject to the receipt of the required approvals from WonderFi’s shareholders at a shareholder meeting of WonderFi, certain regulatory approvals, as well as the satisfaction of other customary closing conditions for a transaction of this nature.