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Experian to buy Computec SA, create Australian JV |
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Global information services company Experian has said that it will acquire the majority stake in Computec SA, the Latin American credit services information provider, based in Colombia. Additionally, the company has also agreed to establish a credit bureau with six of Australia’s leading financial institutions to provide consumer and business credit information in Australia. Computec is publicly listed on the Colombian stock exchange and has served notice to the listing authorities in  Colombia about the agreement with Experian. Experian has offered COP$10,419 per share, valuing the company at COP$736 billion for 100% of the equity, or approximately US$400 million. Experian said it expects the transaction to complete sometime during the second half of the year as it is subject to regulatory approval and the launching of a delisting tender offer. Founded in 1968, Computec commenced operations in Colombia in 1981 and now owns the leading credit bureau, has the most extensive database in on the credit behaviour of consumers, with products covering on-line credit reports, scores, identity validation tools and fraud prevention services. Moreover, Computec owns the only credit bureau in Venezuela and an early stage development bureau in Peru. For its Australian venture, Experian has partnered half a dozen financial institutions to provide consumer and business credit information in Australia. The new bureau will allow lenders to assess risk and provide credit more efficiently and consistently, particularly in light of forthcoming plans to permit positive data sharing, which is presently being considered by the Australian government. If the regulatory approval for the formation of the joint venture comes through, Experian will be responsible for the operations of the credit bureau and will own 76% of the entity. The six financial institutions, including ANZ, Citibank, Commonwealth Bank of Australia (CBA), GE Capital, National Australia Bank (NAB) and Westpac Banking Corporation, will own 24%. |
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