Data, analytics, and technology company Equifax, Inc. (EFX) announced Monday it has made an offer to the Boa Vista Serviços' Board of Directors to acquire all outstanding shares of Boa Vista Serviços, the second largest consumer credit bureau in Brazil, for R$8.00 per share, implying an estimated total enterprise value of R$3.103 billion, or $583 million.
If accepted, this proposal would deliver compelling value to Boa Vista Serviços shareholders by providing immediate liquidity, a substantial 89 percent premium over the closing price on December 15, 2022, and an opportunity to exchange part of their Boa Vista Serviços stake into a globally diversified Equifax stock.
This acquisition would expand Equifax capabilities in the large and fast-growing Brazilian market and would offer Boa Vista Serviços access to Equifax's expansive global capabilities and cloud-native data, products, decisioning and analytical technology for the rapid development of new products and services, and expansion into new vertical industries.
Under the terms of the proposal, Equifax would offer all Boa Vista Serviços shareholders the option to receive (1) R$8.00 per share in cash, (2) a combination of cash and Brazilian Depositary Receipts (BDRs) representing shares of Equifax common stock or (3) a combination of shares of Equifax Brasil common stock and cash or Equifax BDRs.
This offer is not subject to any financing contingency and was made with the support and agreement of Associação Comercial de São Paulo (ACSP), the largest shareholder, who is expected to have ownership of up to 20 percent in the combined company, Equifax Brasil.
Equifax currently holds approximately 10 percent of Boa Vista Serviços' shares and ACSP holds approximately 30 percent.
The transaction is subject to review and approval by the Boa Vista Serviços Board of Directors. If approved by the Boa Vista Serviços Board of Directors, the transaction would be subject to Boa Vista Serviços shareholder approval and other customary closing conditions. Following the completion of the proposed transaction, Boa Vista Serviços would become a subsidiary of Equifax Brasil.
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