Intuit to buy Mailchimp for $12 bln in cash-and-stock deal

Intuit Inc, known for its small business accounting and DIY tax-filing software, said on Monday it will acquire digital marketing company Mailchimp for about $12 billion in a cash-and-stock deal.

The deal, expected to close by the second quarter of fiscal 2022, is Intuit’s biggest-ever acquisition. It will be financed through cash on hand and new debt of about $4.5 billion to $5.0 billion, Intuit said. Last year, the company bought personal finance portal Credit Karma for just over $7 billion.

The deal for Atlanta-based Mailchimp, which operates a marketing platform for small- and mid-market businesses, will help Intuit add insights to its Quickbooks platform that tracks spending.