Fenwick Represents Robinhood in Pending Acquisition of X1

Fenwick is representing Robinhood (NASDAQ: HOOD), a modern financial services platform, in its pending acquisition of X1, a platform that offers a no-fee credit card with rewards on each purchase.

The acquisition of X1 marks an important step in Robinhood’s journey towards broadening their product offerings and deepening their relationship with existing customers. Robinhood expects the final merger consideration to be approximately $95 million in cash, subject to customary closing adjustments and conditions. The acquisition is expected to close in Q3 2023. More information can be obtained from Robinhood’s announcement.

The Fenwick transaction team included corporate partner Stephen Fisher and associates Samuel Fleuter, Zoe Zhang and Brandon Ho; technology transactions partner Jonathan Millard, associates Adine Mitrani and Teddi Josephson and advisor Sandra Weustink; executive compensation and employee benefits partner Marshall Mort and associates Jonathan Stephenson and Jennifer Lin; privacy and cybersecurity counsel Ana Razmazma and associate Alyona Eidinger; tax partner Mike Knobler and associate Kris Hatch; antitrust partner Mark Ostrau; payments associate Igor Voloshin; and trade and national security partner Robert Slack and associate Sofia Chalat.