Experian has abandoned its proposed acquisition of ClearScore after interaction with CMA indicated that the deal would not be approved.
A statement from Experian says: “Further to the Provisional Findings published by the UK Competition and Markets Authority (“CMA”) on 28 November 2018 and taking into account subsequent interaction with the CMA, 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. Experian and ClearScore’s shareholders have therefore taken the decision to abandon the proposed transaction.
“Our goal is 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.”
In November CMA announced concerns that Experian’s takeover of start-up rival ClearScore could stifle product development and impact customers.
Experian had agreed to acquire ClearScore for £275m from owners Blenheim Chalcot in March 2018.