UK’s Experian Set to Buy South Africa’s Compuscan
Experian Plc, a consumer credit reporting agency headquartered in Dublin, has agreed to buy South African peer Compuscan for $262.78 million.
According to the company, the purchase will bulk up its existing African operations.
The Competition and Markets Authority, Britain’s competition watchdog indicated it may block Experian’s takeover of ClearScore, a financial technology business that gives UK customers free access to their credit score and report, due to concerns that the deal could stifle development of digital products that help customers understand personal finances.
Compuscan which was founded in 1994 holds credit information of 200,000 South African businesses and 26 million individuals, about 56 per cent of South Africa’s population.
Experian’s Chief Executive Officer, Brian Cassin said “this is an important transaction for our business in South Africa and will provide opportunities more broadly across the African continent.”
Experian said the deal, which will be funded using existing cash, will add to benchmark earnings per share in the first full year of owning Compuscan.