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Social Finance to acquire Galileo Financial for $1.2B

Online personal finance company Social Finance Inc. entered into a definitive agreement to acquire global payments platform Galileo Financial Technologies for a total purchase consideration of $1.20 billion in cash and stock.

Social Finance's addition of Galileo will allow the company to extend the reach of its products to other Galileo partners in the U.S. and international markets. Galileo Financial will operate as an independent subsidiary of Social Finance, with Clay Wilkes continuing as CEO.

Goldman Sachs & Co. LLC and Citigroup served as financial advisers and WilmerHale acted as legal adviser to Social Finance. Qatalyst Partners served as financial adviser and Dorsey & Whitney acted as legal adviser to Galileo.