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UK internet lender Wonga ends talks on deal to acquire On Deck Capital

UK online lender Ltd has terminated negotiations over the acquisition of US-based On Deck Capital Inc after the parties proved unable to settle pricing disagreements, Bloomberg reported citing sources in the know.

The two companies started talks late in 2012, discussing a deal whose value could have stood at slightly less than USD250m (EUR185m), Bloomberg was told.

On Deck is a New York-based company that specialises in lending to small businesses. Its acquisition would have allowed Wonga to secure a US foothold. In addition, it would have provided the UK suitor with technology making it possible to improve its creditworthiness assessment of small business customers, the article said.

Bloomberg could not extract a comment from Wonga spokesman John Moorwood, while On Deck’s senior marketing VP Andrea Gellert left the comment request without an immediate response.


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