Informa PLC (LON:INF) is to merge its FBX mortgage data business with peer Novantas to give it greater clout in the US retail bank market.
FBX, which is part of Informa’s Financial Intelligence arm, and private equity firm Inflexion will acquire Novantas on a cash and debt-free basis.
Informa's contribution to the deal is FBX, which has been valued at US$243mln, with the events and data group ending up with 57% of the combined business.
The transaction involves no cash contribution from Informa, nor any deferred or contingent consideration.
In 2020, FBX business reported a US$8.5mlm of profit before tax, with Novantas expected to make US$9.6m over the same period.
The deal is not expected to have any material impact on the group's earnings per share in 2021, Informa said.