MoneyMe Limited (ASX:MME) entered into a merger implementation agreement to acquire SocietyOne Australia Pty. Ltd. for AUD 130 million on December 17, 2021. As part of the consideration, MoneyMe will either issue 75.2 million shares to all the shareholders of SocietyOne, or (ii) SocietyOne shareholders representing no more than 7.5% stake can elect cash of AUD 9.7 million along with remaining 92.5% shareholders getting 69.6 million shares of MoneyMe. MoneyMe must also pay a break fee of AUD 1.57 million equivalent to 1% of the MoneyMe value and SocietyOne must pay a break fee of AUD 1.57 million if the agreement falls through. As of February 10 ,2022, The election process has concluded and 88.7% of SocietyOne shareholders have elected to receive MoneyMe shares as consideration. The consideration payable to SocietyOne shareholders is expected to represent 67 million MoneyMe shares (28% of MoneyMe shares on issue post completion) and cash consideration of AUD 15 million. The MIA also contained a condition to completion that at least 92.5% of SocietyOne shareholders elected for scrip consideration. MoneyMe has agreed to waive the condition of to enable SocietyOne shareholder liquidity preferences and to facilitate completion of the transaction.

The transaction is subject to approval by the shareholders of MoneyMe and third party approvals. As on February 1, 2022, MoneyMe's shareholders voted with a 99.99% majority to support the resolution facilitating the issue of MoneyMe shares as consideration for the acquisition. The transaction is expected to be completed by March 15, 2022. Morgan Stanley (NYSE:MS) acted as the financial adviser and Gilbert and Tobin acted as the legal advisor to MoneyMe. As on March 1, 2022 MoneyMe is pleased to confirm it has signed the transaction on substantially the same terms as its existing AUD 50 million facility provided by Pacific Equity Partners. Under the terms of the partnership MoneyMe has secured an additional AUD 25 million funding commitment through a secured funding instrument which matures in November 2025 as documented under a Syndicated Facility Agreement. The new funding will be used to support the acquisition of SocietyOne and associated transaction costs.

MoneyMe Limited (ASX:MME) completed the acquisition of SocietyOne Australia Pty. Ltd for approximately AUD 140 million on March 15, 2022. MoneyMe Limited has appointment of David (Dave) Taylor to the MoneyMe Board of Directors. Anton Harris, Rehana Box, Ben Landau, Michael Ryland, Rebecca Cope, Vicki Aron, Philip Trinca, Anita Cade, Jennifer Schlosser, Emma Malone, Kenneth Tang, Steve Smith, Kim Ching and Jennie Mansfield of Ashurst Australia acted as legal advisors to SocietyOne.