Experian drops proposed ClearScore merger
Thursday 28th February 2019
Experian has cancelled its attempt to buy startup rival ClearScore after opposition from the Competition and Markets Authority (CMA).
In November, the CMA provisionally found the proposed £275m merger would result in less intense competition and harm the development of digital products.
In a statement issued to the stock market today, Experian said following subsequent interaction with the CMA it believed the competition regulator would not allow it to proceed.
"Experian does not believe that the CMA will approve the proposed acquisition of ClearScore on satisfactory terms, despite the dynamism and competitive nature of the market, and the customer benefits arising from the proposed transaction," it said.
"Experian and ClearScore's shareholders have therefore taken the decision to abandon the proposed transaction."
New innovations coming
Experian added that its goal was to help more consumers with their finances by providing greater choice and convenience to them to access personal finance products at the best prices.
"Over the next year we plan to bring exciting new innovations to market which will help consumers address their needs across their financial lives, while also investing in new areas to further broaden our offering," it said.
As a result of the announcement the CMA has cancelled its investigation into the deal.