Experian has backed down over its $275m merger with credit rating checker rival Clearscore after a watchdog warned it could harm competition in the sector.
“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 in November 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.
Full Content: Reuters
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