Intuit to draw down on line of credit for purchase of Credit Karma

By Wendy Van Sickle

Columbus, Ohio, Feb. 24 – Intuit Inc. plans to draw down on its existing line of credit to fund part of the cash consideration of its acquisition of Credit Karma, according to a news release.

Intuit announced on Monday that it agreed to acquire the consumer technology platform for approximately $7.1 billion in equal parts cash and stock.

In addition to drawing down on its line of credit, Intuit plans to use cash on hand to fund the cash portion of the consideration.

The transaction is expected to close in the second half of calendar year 2020.

Intuit Financial Services is a Woodland Hills, Calif.-based provider of online and mobile banking software to financial institutions.

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