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TheStreet Open House

Intuit Buying Digital Insight

Intuit (INTU - Get Report) has reached a deal to acquire Digital Insight (DGIN) in a transaction valued at $1.35 billion.

Under the terms of the agreement, Intuit will pay $39 in cash for each Digital Insight share. Digital Insight provides online banking services and Intuit makes tax and financial-management software.

Shares of Digital Insight closed Wednesday at $33, and the stock has a 52-week high of $38.22. Intuit slipped 2.8% to $31 in early trading Thursday.

Intuit said the combined companies will serve more than 5,000 financial institutions, nearly 25 million consumers and almost 7 million small businesses. The transaction is expected to close in the first quarter of next year.

The acquisition will probably cut Intuit's adjusted earnings by 2 cents to 3 cents a share in the current fiscal year but slightly add to profits in fiscal 2008.

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