Marlin Business Services Corp., a nationwide provider of capital solutions to small businesses, announced an update on its proposed merger with a subsidiary of funds managed by HPS Investment Partners LLC (HPS).

Marlin and HPS have been working diligently to meet all closing conditions to the merger, including the condition that Marlin’s wholly owned subsidiary Marlin Business Bank surrender its banking licenses and authority and terminate its Federal Deposit Insurance Corporation-insured deposits (the “De-Banking Condition”). Marlin has now satisfied the De-Banking Condition and the parties intend to consummate the merger prior to the market open on Jan. 20.

As previously announced on April 19, 2021, upon consummation of the merger, HPS will acquire all of the Marlin’s outstanding shares of common stock for $23.50 per share in an all-cash transaction.