February 27, 2019 / 7:26 AM / 10 months ago

Experian, ClearScore scrap merger plans

Feb 27 (Reuters) - Experian Plc, the world’s biggest credit data firm, said on Wednesday that it had agreed with rival ClearScore to abandon their proposed merger, after Britain’s competition watchdog indicated in November that it may block the deal.

“Taking into account subsequent interaction with the CMA (Competition and Markets Authority), Experian does not believe that the CMA will approve the proposed acquisition of ClearScore on satisfactory terms,” Experian said in a statement.

The CMA had warned that the 275 million pound ($364.35 million) deal could stifle development of digital products that help customers understand personal finances.

Experian, a FTSE 100 company, wanted to expand in Britain with the purchase of ClearScore, which provides free access to credit reports and scores, and introduces consumers to personal financial products.

$1 = 0.7548 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr

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