Credit reference company sold in £1bn deal
A credit reference business headquartered in Leeds has been acquired by a US group in a £1bn deal.
Callcredit Information Group, thought to be the second largest and fastest growing consumer credit bureau in the UK, has been bought by TransUnion, which is listed on the New York Stock Exchange.
Founded in 2000, Callcredit provides data, analytics and technology solutions to help businesses and consumers make informed decisions.
“TransUnion and Callcredit have strong synergies across our business models and solutions, and we share a commitment to using information to benefit consumers and global economies alike,” said Jim Peck, TransUnion’s president and chief executive officer.
“Callcredit is an outstanding acquisition for TransUnion, and together, we’ll be a powerful force to deliver value to shareholders, customers and consumers across all the markets we serve.”
International expansion is a key growth strategy for TransUnion, already doing business in 33 countries.
“We continue to drive growth by identifying and investing in attractive international markets. As a leader in the world’s second largest credit market, Callcredit certainly fits the model,” said David Neenan, president of TransUnion’s International business. “And, with the growing trend of multi-bureau usage in the U.K., we believe this is the right time to introduce TransUnion into the market.”
“Investment by a global company with an established track record, shared values and leadership who recognized our market potential is absolutely the right fit for us and the market,” said Mike Gordon, Callcredit chief executive officer. “We are excited about the future and unique opportunity to elevate our competitive advantage with TransUnion through our combined innovation and expertise.”
The acquisition is anticipated to close late in the second quarter or early in the third quarter pending regulatory approval.
Paul Mann, Craig Pettit and Emily Downie of Squire Patton Boggs advised management on the deal.