Experian to buy Brazil's Serasa

Credit checking agency Experian PLC said Tuesday it agreed to buy a 65 percent stake in Brazil's Serasa for US$1.2 billion (euro892 million) in cash to expand into Latin America.

"The acquisition of Serasa represents a unique and transformational opportunity for Experian," said Chief Executive Don Robert. "It propels us to a market-leading position in one of the most attractive growth markets for credit products globally."

Founded in 1968, Serasa is the world's fourth-largest credit checking business. It has a work force of more than 2,200 employees and operates in over 80 locations.

Experian shares gained 1.7 percent to 599 pence (US$11.97; euro8.89) on the London Stock Exchange. The company was spun out of financial-to-retail company GUS last year.

(Published by The Brazilian, June 26, 2007)