Atlanta-based data management company Equifax Inc. (EFX) has made a move to expand into Australia and New Zealand with a $1.6 billion offer for Veda Group Ltd. (VED). The non-binding bid from Equifax values Australia’s largest personal credit rating agency at A$2.70 ($1.96) per share, a 35% premium over the target’s Thursday closing price of A$1.995. That equates at an enterprise value of about A$2.5 billion, including debt of A$197 million, or about 17 times Veda’s Ebitda of A$144.5 million for the year ended June. Veda is doing its due diligence on the offer. The Deal’s Paul Whitfield reported that a buyout of Veda could spark consolidation in Australia’s financial data analytics sector. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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