Murdoch’s Fox buys Aussie fintech Credible Labs to enter loans market
Rupert Murdoch’s Fox Corp has entered the US loans marketplace with the $585 million acquisition of ASX-listed fintech Credible Labs.
Under the deal announced on Monday morning, Credible Labs – which provides an online market in the US for consumer lending – will merge with a subsidiary of Fox.
Credible is a digital platform that lets consumers compare rates for student loans, personal loans and mortgages from different providers. Fox Executive Chairman and CEO Lachlan Murdoch said buying the Aussie fintech would help the media giant “deepen consumer relationships”.
“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 said.
All Credible shareholders will sell their shares in the transaction, apart from company founder and chief executive Stephen Dash, who will sell $55 million worth of shares if the deal goes ahead, and convert the rest of his stake into a 33 per cent shareholding in the Fox subsidiary.
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