Equifax Completes
Acquisition of Boa Vista Serviços
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 Braziland 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 unerstanding
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
[email protected]