Experian, a Dublin, Ireland-based global information services company, is to acquire ClearScore, a London, UK consumer organization that matches individuals to personal financial products, offering free credit reports, scores and personal financial education, both online and through mobile devices.
The purchase price is GBP£275m (approx. US$385m), with an additional earnout potential contingent on achieving future financial performance. The transaction is subject to regulatory approval by the Competition & Markets Authority and the Financial Conduct Authority, as well as other customary closing conditions, and will be funded from Experian’s existing committed bank facilities. It is expected to close later in 2018.
ClearScore provides free access to credit reports and scores and introduces consumers to personal financial products and offers which are best suited to their individual circumstances. These include offers for credit cards, loans, mortgages, car loans and other services. To date, ClearScore has enrolled over 6 million members in the UK through its free membership model.
The deal will enable ClearScore to benefit from Experian’s broad data assets, analytical capabilities and distribution, while Experian will benefit from ClearScore’s skill in developing services, as well as an agile culture to keep its membership engaged. In addition, ClearScore will help to accelerate Experian’s ambitions to provide services to consumers internationally, having recently launched a service in South Africa.
Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index.