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Nubank says it is not pursuing a deal with Monzo after reports of takeover talks

Media reports said Brazil's Nubank was in early talks to buy UK digital bank Monzo for up to £10bn. On 30 September Nubank said in a securities filing that it is not pursuing a transaction.

2 outlets · 0L · 1C · 1R First reported Account updated
Image: City A.M.
Image: CNA

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The story, neutrally told

Over the weekend, media reports said Monzo was in talks over a sale of up to £10bn to Brazil's Nubank. City A.M.'s columnist described the talks as early-stage and said they had shocked the City. On Wednesday 30 September, Nubank said in a securities filing that it is not pursuing a transaction with Monzo.

The filing said Nubank regularly evaluates opportunities, including investments and acquisitions, and that its capital allocation framework is unchanged. Nubank said it is focused on Brazil, Mexico and Colombia, and on building its presence in the United States and elsewhere through Nu Global. Shares in Nu Holdings rose nearly 7 per cent in New York after falling earlier in the week on the reports.

City A.M.'s column said a deal would put Nubank, valued at $59bn and with no UK operations, in competition with Revolut, which it said is expected to be valued at $115bn. It said a price near £10bn would be about 2.5 times Monzo's 2024 valuation of £4bn, and noted Monzo's boardroom changes, including the departure of chair Gary Hoffman. The column was published before Nubank's statement, and the coverage does not show any comment from Monzo.

Every sentence links to the reporting it rests on.

Left0 outlets

No left outlet in our sources has covered this story yet.

Centre1 outlet

Framing
Short news item leading with Nubank's denial and the share price reaction.
Emphasis
The filing's wording, Nubank's strategic priorities and the share rise.
Leaves out or plays down
Says little about the original reports, Monzo's position or the deal's proposed size.
For example
“Brazilian digital lender Nubank said on Wednesday it is not pursuing a transaction with Monzo” — CNA

Right1 outlet

Framing
Opinion column treating the talks as a live prospect and setting them within a contest between Nubank and Revolut and the UK IPO outlook.
Emphasis
Valuations, business models, Monzo's boardroom turmoil and what shareholders might gain.
Leaves out or plays down
Written before Nubank's denial, so does not include it.
Charged language
“shocked the City”“UK darling”“mammoth $59bn market cap”
For example
“Buying Monzo could widen Nubank’s emerging contest with Revolut beyond the US” — City A.M.