Verisk to sell financial services unit to TransUnion for $515M
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Verisk (NASDAQ:VRSK) is selling its Verisk Financial Services unit to TransUnion (NYSE:TRU) for $515M in cash as part of its strategy to sharpen its focus on its core businesses.
For TransUnion (TRU), the acquisition will create a "full wallet view" of consumer spending and produce insights into consumer behavior. Verisk Financial is expected to immediately add to TransUnion's 2022 adjusted EPS upon closing, expected in Q2 2022.
The unit to be sold provides proprietary competitive portfolio performance insights, benchmarking, decisioning algorithms, and business intelligence to consortia members. Verisk (VRSK) Financial offers competitive studies, predictive analytics, models and advisory services to companies in the payment sector.
"The acquisition will provide TransUnion (TRU) with authoritative data sets for credit and debit card accounts and demand deposit account behavior and will enhance the companyâs ability to scale current offerings and ultimately enable consortium members to make more informed decisions that better serve consumers," TransUnion said.
Verisk (VRSK) plans to return the after-tax proceeds from the transaction through share repurchases.
In 2021, on a reported basis Verisk (VRSK) Financial generated $143M in revenue and $23M in adjusted EBITDA. At the business unit level, Verisk Financial generated $41M in adjusted EBITDA before corporate allocations and one-time discrete costs.
The agreement follows the company's recent agreement to sell its 3E business for $950M.