In a grab for its share of the exploding Web-based banking market, QuickBooks parent Intuit Inc. agreed to acquire online banking services provider Digital Insight Inc. for $1.35 billion via a combination of cash and debt.Under the terms of the deal, which is expected to close during the first quarter of 2007, Intuit will tender $39 in cash for each share of Calabasas, Calif.-based Digital Insight -- roughly 18 percent over the company’s closing share price of $33 prior to the announcement. Intuit will also assume about $1 billion in debt financing.
The marriage will combine Intuit’s trademark financial management and tax software with Digital Insight’s online banking services, delivery systems and, ideally, its roster of bank customers.
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