Barclays PLC ("Barclays") announces that its wholly-owned US consumer banking subsidiary Barclays Bank Delaware (operating as "Barclays US Consumer Bank" or "USCB") has agreed to acquire Best Egg, Inc. ("Best Egg" or the "Business") for $800 million (the "Transaction"). Completion of the Transaction ("Completion") is subject to required regulatory approvals and other conditions.

Best Egg is a leading US direct-to-consumer personal loan origination platform with a focus on prime borrowers and an established track record of risk management. The Business has consistently grown since its establishment in 2013 and has facilitated over $40 billion in personal loans to more than two million customers.

In 2025, Best Egg is expected to facilitate more than $7 billion in personal loan originations via its platform. The loans are funded through structures including securitization programs and forward flow arrangements provided by a range of alternative asset managers, with the Business generating largely fee-based capital-light income as a result of its loan origination and servicing activities. The Business currently services approximately $11 billion in personal loans. Following Completion, Barclays expects to continue this model and retain a small portion of Best Egg's new lending flow on its balance sheet.

Best Egg complements USCB's established partnership-driven credit card business, which provides unsecured personal lending to customers through a number of existing co-brand card partner programs. The Transaction strengthens USCB's franchise by acquiring digital and risk capabilities in this attractive part of the US consumer finance market and providing significant flexibility in the efficient deployment of lending capacity and capital.

The consideration paid for Best Egg represents a high-single digit Price/Earnings multiple. The acquisition, including the realization of synergies, is expected to generate an attractive return on investment for Barclays, comparable to our three highest-returning UK businesses, over time. It is expected to be accretive to USCB's Return on Tangible Equity ("RoTE") in 2027, supporting delivery of its stated mid-teens RoTE target post 2026. It is also expected to be accretive to Barclays' RoTE and Earnings Per Share in 2027.