Equifax Inc. (NYSE: EFX) (‘Equifax’) and Veda Group Limited (ASX: VED) (‘Veda’) have reached a binding agreement for Equifax to acquire all outstanding shares of the common stock of Veda for AUD$2.825 per share. The Veda shares will be purchased for cash using proceeds available from senior credit facilities provided by a bank syndicate. Veda’s Board of Directors has agreed to unanimously recommend Equifax’s proposal to Veda shareholders.
Veda is the leading provider of consumer and commercial credit reporting in Australia and New Zealand. The company also operates through joint ventures in several other Asia-Pacific markets. Should the Agreement proceed to completion, the proposed transaction will be EPS accretive for Equifax.
“Veda is a well-established business with strong leadership, innovative products and services, and deep customer relationships,” said Richard F. Smith, Equifax Chairman and CEO. “This acquisition will provide a strong platform for Equifax to offer new data and analytics services in Australia and other markets in this region, using our technology and expertise developed over many years in the U.S. and the 18 other geographies in which we operate.”
The implementation of this binding agreement is subject to customary closing conditions, as well as shareholder and regulatory approvals in Australia. The acquisition is anticipated to close by the end of the first quarter of 2016.