Experian PLC - Dublin-based credit checking - Agrees to buy a 51% stake in Sao Paulo, Brazil-based fintech company Mova Sociedade de Emprestimo entre Pessoas SA from private investor Erico Sodre Quirino and Chief Executive & Founder Roberto Tesch. Says it will pay roughly USD7.9 million in cash for the interest on completion and an earnout based on Mova's 2024 net revenue. Experian also has a call option to buy the remaining 49% stake between 2026 and 2028. Mova is focused on business-to-business solutions. Experian says Mova is "highly complementary" to its existing business-to-business offering.
The transaction is subject to approval by the regulatory authorities in Brazil.
Current stock price: 2,652.13p, down 1.6% on Monday in London
12-month change: up 0.6%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Experian (EXPN)