By Maryam Cockar
Experian PLC (EXPN.LN) said Thursday that it will buy ClearScore Ltd., a U.K. provider of financial services and products, for 275 million pounds ($384.1 million).
Experian said the deal is subject to regulatory approval by both the U.K. Competition & Markets Authority and Financial Conduct Authority and is expected to close later this year.
It said other payments in addition to the GBP275 million consideration could be made, subject to ClearScore's performance.
The credit-reporting company also said it will fund the acquisition with its existing bank facilities, and ClearScore is expected to be accretive to earnings in the first full fiscal year of ownership.
ClearScore provides consumers to free access to credit reports and scores as well as personal financial products, and has enrolled more than six million members in the U.K. through its free membership model, Experian said.
Experian Chief Executive Brian Cassin said the ClearScore acquisition is part of the company's strategy to extend the services it provides to U.K consumers.
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