Open Lending agrees to $3.15-a-share buyout
The auto-lending technology provider will go private at a 78% premium to its 90-day volume-weighted average price.
The auto-lending technology provider Open Lending (LPRO) agreed to be acquired by ANV Group Holdings Ltd. for $3.15 a share in cash, a 78% premium to its 90-day volume-weighted average price as of June 15, 2026. The deal marks the end of Open Lending’s public listing and halts disclosure of operating metrics for the quarter.
The company had spent the prior year navigating a steep decline in loan volumes and revenue. Certified loan volume fell 23.8% year-over-year to 21,064 in the first quarter of 2026, extending a downward trajectory that began in mid-2025. Revenue followed, dropping 16.0% to $20.5 million, while gross profit slipped 14.8% to $15.6 million. The first-quarter net loss of $0.5 million reversed a string of profitable quarters and left adjusted EBITDA at $2.0 million, down 37.5% from a year earlier.
Credit unions and banks continued to dominate the company’s channel mix, accounting for 90.2% of certified loans in the first quarter, up from 87.6% a year earlier. Average profit-share revenue per loan rose 30.6% to $363, offsetting a 2.2% decline in program-fee revenue per loan. The shift toward larger, higher-quality loans was underscored by the ApexOne Auto platform, launched in late 2025 to target prime borrowers.
Open Lending had guided full-year 2026 certified loans to a range of 100,000 to 110,000, implying a modest rebound from 97,348 in 2025. Adjusted EBITDA was projected at $25 million to $29 million, a 60% to 86% increase over the prior year. No comparable prior guidance was provided.
Before the buyout announcement, the company had extended its share-repurchase program to $50 million and pushed the expiration to May 1, 2027, leaving $20.1 million available as of March 31. In late 2025, Open Lending had repaid $48 million of long-term debt, cutting its balance to $77.3 million.