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Fox sees value in Aussie fintech business
A household name in the broadcasting world has expressed interest in fintech, having struck up a deal to acquire an ASX-listed consumer finance business.

Fox sees value in Aussie fintech business
A household name in the broadcasting world has expressed interest in fintech, having struck up a deal to acquire an ASX-listed consumer finance business.

Fox Corp said it had entered a deal to acquire the ASX-listed company known as Credible Labs, which is a digital platform that gives consumers the opportunity to compare rates and providers of student loans, personal loans and mortgages.
With Credible’s shares last closing at $2.06, a statement noted that Fox has offered investors a 31 per cent premium as an incentive to sell, which will see shareholders offered $2.21 per share.
The broadcaster’s executive chairman and CEO, Lachlan Murdoch, said Fox would benefit from Credible’s reach and scale.
“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasises direct interactions with our consumers to provide services they want and expand their engagement with us across platforms,” he explained.
As part of the transaction, and subject to certain approvals from the Australian Securities Exchange (ASX), Credible founder and CEO Stephen Dash would exchange shares equal to 33 per cent of Credible’s outstanding common stock into units of a newly created Fox subsidiary.
The agreement would also see Mr Dash continuing to serve as Credible’s CEO.
“Fox Corporation’s record of innovation and focus on audience engagement will further enhance Credible’s position as a leading consumer finance marketplace in the United States, creating opportunities for organic growth and the expansion of the Credible platform,” Mr Dash said.
The transaction is expected to close in the fourth quarter of the year and is conditional to a majority vote of all Credible shareholders, as well as a majority vote of all shareholders other than Mr Dash and his affiliates.
Regulatory approval from the ASX and other customary closing conditions will also be required.
Following the equity purchase, expected to be $389 million, Fox said it would commit up to $110 million in cash to fund Credible’s operating needs over the next two years.
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