Experian and ClearScore abandon merger plans

Credit data company Experian said on Wednesday that it and rival ClearScore have ditched their proposed merger as it’s unlikely to get the green light from the competition watchdog.

Experian said in a statement: "Further to the provisional findings published by the UK Competition and Markets Authority 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."

As a result, shareholders from both companies have decided 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," Experian said.

"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."

At 1000 GMT, Experian shares were down 0.7% to 1,995.50p.