Nu Holdings formally denies it is pursuing a Monzo takeover
Nu Holdings says in a formal statement and 6-K filing that it is "not pursuing a transaction with Monzo", ending days of speculation over a potential £8–10bn takeover of the UK digital bank.
Nu Holdings, the parent company of Brazil’s Nubank, has formally denied it is pursuing a deal to acquire Monzo, ending days of market speculation about a potential takeover of the British digital bank.
In a statement issued on Wednesday and a 6-K securities filing, the company said: “As a matter of general practice, the Company does not comment on specific opportunities. However, given the extent of recent media speculation, the Company is providing this clarification: while we have a great deal of respect for Monzo, the Company is not pursuing a transaction with Monzo.”
The denial follows reports from Sky News on Saturday that Nu was in early-stage talks to buy Monzo in a deal valued at £8bn to £10bn ($10.60–13.25bn). Shares in Nu Holdings, which is listed on the New York Stock Exchange, plunged about 10% on Monday as investors reacted to the reports.
Nu said its capital allocation framework is unchanged and that it remains focused on its strategic priorities: deepening its position in Brazil, scaling its businesses in Mexico and Colombia, and building its presence in the US and around the world through Nu Global.
Reuters reported Nu shares were up nearly 7% in New York trading on Wednesday after the denial.
Monzo declined to comment on the original reports. Nubank said at the time it “does not comment on rumours or speculation”.
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