Fox Corp. said it agreed to acquire a 67% stake in Credible Labs for $265 million.
The company said that following the completion of the acquisition, Fox would commit as much as $75 million in growth capital to Credible over two years.
Credible’s technology lets consumers compare products from financial institutions, including student loans, personal loans and mortgages.
“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasizes direct interactions with our consumers to provide services they want and expand their engagement with us across platforms," said Fox CEO Lachlan Murdoch. “Credible, which has tremendous synergy with core brands such as Fox Business and Fox Television Stations and will benefit from our audience reach and scale, will drive strategic growth, further develop our brand verticals and deepen consumer relationships.”
Fox said it paid a 31% premium to the price of Credible’s stock on the day it first proposed a deal, May 29.
Stephen Dash, founder and CEO of Credible, will exchange his shares in Credible for stock in a new Fox subsidiary. Dash will continue as CEO of Credible.
“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," said Dash. “Credible’s industry-leading user experience, combined with Fox, will provide greater impact and scale for consumers.”
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