Marlin Business Services provided an update on its proposed merger with a subsidiary of funds managed by HPS Investment Partners.

According to the update, Marlin Business Services satisfied the condition that its wholly-owned subsidiary, Marlin Business Bank, surrender its banking licenses and authority and terminate its Federal Deposit Insurance Corporation-insured deposits. With this de-banking condition met, the two businesses intend to consummate the merger prior to market opening on Jan. 20.

As previously announced in April 2021, upon consummation of the merger, HPS Investment Partners will acquire all of Marlin Business Services’ outstanding shares of common stock for $23.50 per share in an all-cash transaction.