Merger Expands Equifax Presence in
Brazil; Offers Boa Vista Serviços
Customers Access to Expansive Equifax Global Capabilities and
Cloud-Native Solutions
ATLANTA, Aug. 7, 2023
/PRNewswire/ -- Equifax® (NYSE: EFX) has completed the acquisition
of Boa Vista Serviços, the second largest credit bureau in
Brazil. This strategic and
financially attractive acquisition grows Equifax's presence in
Brazil and offers Boa Vista
Serviços customers access to expansive Equifax international
capabilities and cloud-native solutions.
Equifax acquired Boa Vista Serviços for R$8.00 per share, implying an estimated total
enterprise value of R$3.1 billion, or
USD$640 million based on a USD/BRL
exchange rate of 4.8080 (PTAX as of August
2, 2023). Boa Vista Serviços, an Equifax company, is now a
wholly-owned subsidiary of Equifax do Brasil ("Equifax Brasil").
Equifax owns 80 percent of Equifax Brasil, with Associação
Comercial de São Paulo ("ACSP") and certain other former Boa Vista
Serviços shareholders holding the other 20 percent.
"Boa Vista Serviços is the 14th acquisition that Equifax has
completed since 2021," said Mark W.
Begor, CEO of Equifax. "The combination of our companies
marks an exciting new global chapter for both Equifax and Boa Vista
Serviços customers and employees, expanding the Equifax
International footprint in the large and fast-growing $2 billion Brazilian total addressable market. We
believe that more data drives better decisions, and this merger
offers Boa Vista Serviços access to our global capabilities and
cloud-native data, products, decisioning and analytical technology
for the rapid development of new products and services and
expansion into new vertical industries. I am energized to welcome
Márcio Fabbris and Boa Vista Serviços to the Equifax team!"
Márcio Fabbris will continue in his leadership position as CEO
of Boa Vista Serviços, an Equifax company. Former Equifax CEO
Paulino Barros will join the Equifax
Brasil board of directors, helping drive integration into the
Equifax Cloud and champion the development of new cloud-based
solutions.
"This merger will enable us to drive new, innovative solutions
to address the challenges and needs of the Brazilian market – the
seventh most populated country in the world," said Márcio Fabbris,
CEO of Boa Vista Serviços, an Equifax company. "We look forward to
working with Equifax to bring new products and capabilities
leveraging the global Equifax Cloud platform to Brazilian lenders
and service providers to help them better understand their
customers and promote greater financial inclusion to meet the needs
of the approximately 34 million unbanked or underbanked consumers
in Brazil."
With an in-depth understanding of global credit needs, Equifax
is driving cloud-based innovation in consumer credit, commercial
credit, and digital enablement that spans geographies. The
company's Equifax Cloud™ transformation enables Equifax to scale
and adapt for the specific needs of the countries in which it
operates. It further enables the sharing of learnings and strengths
from each region to help other regions identify and execute
effectively on new growth opportunities. The Equifax Cloud,
combined with Equifax's unique data assets, leading decisioning and
analytical solutions, and Identity and Fraud solutions
will help accelerate Boa Vista Serviços's digital transformation
and increase the scale of the Boa Vista Serviços business for
continued success - meeting the evolving needs of both consumers
and lenders in Brazil.
"By optimizing our cloud-based global technology and product
capabilities, we're able to drive relevant, market-focused
innovation. We're also able to scale and adapt for the specific
needs of the countries in which we operate," said Lisa Nelson, President of International at
Equifax. "At the same time, we're focused on bringing more of our
existing Equifax enterprise strengths into our international
regions. Boa Vista Serviços has more than a decade of history in
the Brazilian market and we look forward to collaborating on their
continued expansion."
BofA Securities served as financial advisors to Equifax, and
Hogan Lovells US LLP and
Machado Meyer Advogados acted as legal counsel to Equifax.
This acquisition is not expected to have a material impact on
2023 Equifax financial results. For more information about Equifax
and the global markets it serves, please visit Equifax.com.
ABOUT EQUIFAX INC.
At Equifax
(NYSE: EFX), we believe knowledge drives
progress. As a global data, analytics, and technology company, we
play an essential role in the global economy by helping financial
institutions, companies, employers, and government agencies make
critical decisions with greater confidence. Our unique blend of
differentiated data, analytics, and cloud technology drives
insights to power decisions to move people forward. Headquartered
in Atlanta and supported by 14,000
employees worldwide, Equifax operates or has
investments in 24 countries in North
America, Central and South
America, Europe, and the
Asia Pacific region. For more
information, visit Equifax.com.
FORWARD-LOOKING STATEMENTS
This release contains
forward-looking statements and forward-looking information. All
statements that address operating performance and events or
developments that we expect or anticipate will occur in the future,
including statements relating to the expected financial and
operational benefits, synergies and growth from the transaction and
our ability to integrate Boa Vista Serviços and its products,
services, technologies, IT systems and personnel into our
operations, and similar statements about our outlook and our
business plans are forward-looking statements. We believe these
forward-looking statements are reasonable as and when made.
However, forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. These risks and uncertainties include, but are not
limited to, those described in our 2022 Form 10-K and subsequent
filings with the U.S. Securities and Exchange Commission ("SEC").
As a result of such risks and uncertainties, we urge you not to
place undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date when made. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
NO OFFER OR SOLICITATION
This communication shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of the U.S. Securities Act of 1933, as amended.
This press release is for informational purposes only and should
not, under any circumstances, constitute, or be interpreted or
understood as an investment recommendation, nor as an offer to
acquire any of the securities of Equifax or Equifax Brasil.
FILINGS WITH THE SEC
Equifax and Equifax Brasil filed
a Registration Statement on Form S-4/F-4 with the SEC on
March 6, 2023 in connection with the
transaction (and filed amendments to the Registration Statement on
April 13, 2023 and May 9, 2023). The Registration Statement was
declared effective on May 25, 2023.
The Form S-4/F-4 and prospectus contain important information about
Equifax, Equifax Brasil, Boa Vista Serviços, the acquisition and
related matters. Investors and shareholders of Boa Vista Serviços
should read the prospectus and the other documents filed with the
SEC in connection with the transaction carefully before they make
any decision with respect to the transaction. The Form S-4/F-4 and
the prospectus, and all other documents filed with the SEC in
connection with the acquisition will be available when filed free
of charge at the SEC's web site at www.sec.gov. In addition, the
prospectus and all other documents filed with the SEC in connection
with the acquisition will be made available to investors free of
charge by calling or writing to Equifax Inc., Attn: Office of
Corporate Secretary, P.O. Box 4081, Atlanta, Georgia 30302, telephone (404)
885-8000.
FOR MORE INFORMATION:
Kate Walker for Equifax
mediainquiries@equifax.com
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SOURCE Equifax Inc.