Experian's Acquisition of illion Unopposed by ACCC
ACCC Announcement
On April 4, 2024, the Australian Competition and Consumer Commission (ACCC) announced that it would not oppose the acquisition of Credit Data Solutions Pty Ltd (illion) by Experian Australia.
The ACCC's decision comes after a thorough review of the proposed acquisition, which found that it would not substantially lessen competition in any of the relevant markets.
Experian's Statement
Experian welcomed the ACCC's decision, stating that it is a positive step towards completing the acquisition.
Experian believes that the acquisition will allow it to provide more innovative products and services to Australian consumers and businesses.
Benefits of the Acquisition
The acquisition is expected to benefit consumers and businesses in several ways, including:
- Increased competition in the credit reporting industry
- Improved access to credit information
- Reduced costs for businesses
- More innovative products and services
Next Steps
Experian expects to complete the acquisition in the second half of 2024, subject to customary closing conditions.
Once the acquisition is complete, Experian will be one of the largest credit reporting agencies in Australia.
Conclusion
The ACCC's decision to not oppose Experian's acquisition of illion is a significant development that will likely have a positive impact on the Australian credit reporting industry.
The acquisition is expected to increase competition, improve access to credit information, reduce costs for businesses, and lead to more innovative products and services.
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