Fox Corporation to Acquire Credible Labs Inc.,
a Leading U.S. Consumer Finance Marketplace
New York, NY and Los Angeles, CA – August 4, 2019 – Fox Corporation (Nasdaq: FOXA, FOX) today announced the entry into a definitive merger agreement for the proposed acquisition of 67% of the equity in Credible Labs Inc. (ASX: CRD) (“Credible”), a leading consumer finance marketplace in the U.S. The price per CHESS Depositary Interests of $AUD 2.21 in cash represents a 31% premium to Credible’s closing price on the day prior to Fox’s initial May 29 proposal. Following the equity purchase of approximately $USD 265 million, FOX will commit up to $USD 75 million of cash to fund Credible’s operating needs over approximately two years.
Credible delivers a differentiated and personalized experience that enables consumers to compare instant, accurate pre-qualified rates from multiple financial institutions across student loans, personal loans and mortgages, helping consumers save money and make better financial decisions.
Fox Corporation Executive Chairman and Chief Executive Officer Lachlan Murdoch said: “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.
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.”
As part of the transaction, and subject to certain approvals from the Australian Securities Exchange (“ASX”), Credible Founder and CEO, Mr. Stephen Dash, will exchange shares equal to 33% of Credible’s outstanding common stock into units of a newly created FOX subsidiary. Mr. Dash will continue to serve as CEO of Credible.
Mr. Dash
