Experian to Buy 65% Stake in Brazil's Serasa for $1.2 Billion
Credit checking agency Experian said Tuesday it agreed to buy a 65% stake in Brazil's Serasa for $1.2 billion (892 million euros) in cash to expand into Latin America.
"The acquisition of Serasa represents a unique and transformational opportunity for Experian," said Chief Executive Don Robert. "It propels us to a market-leading position in one of the most attractive growth markets for credit products globally."
Founded in 1968, Serasa is the world's fourth-largest credit checking business. It has a work force of more than 2,200 employees and operates in over 80 locations.
Experian shares gained 1.9% to 591.14 pence at close on the London Stock Exchange. The company was spun out of financial-to-retail company GUS last year.