Intuit Confirms $12 Billion Deal To Buy Mailchimp

It was teased earlier this month and now it's confirmed: Intuit said on Monday it would buy email marketing company Mailchimp for about $12 billion in a cash-and-stock deal. Reuters reports: The deal, expected to close by the second quarter of fiscal 2022, will be financed through cash on hand and new debt of about $4.5 billion to $5.0 billion, Intuit said. The deal for Atlanta-based Mailchimp, which operates a marketing platform for small and mid-market businesses, will help Intuit expand its product base for small businesses. California-based Intuit's products include TurboTax, a software that helps Americans file income tax returns, and QuickBooks, a cloud-based application that helps small businesses manage payments.

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