American television broadcasting company Fox Corporation has completed the acquisition of 67% stake in Credible Labs, a consumer finance marketplace.
The acquisition was closed following the completion of all customary closing conditions, including nod from Credible stockholders.
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Based in San Francisco, Credible offers a technology platform that is integrated with credit bureaus and financial institutions.
The platform enables the consumers to compare pre-qualified rates of loans and mortgages offered by partner financial institutions, thus improving their financial decisions.
In August, Fox signed a definitive agreement to acquire majority stake in Credible Labs. As part of the deal, Fox paid around $265m for the purchase.
The broadcasting company has also committed to invest up to $75m over two years to support Credible Labs growth.
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By GlobalDataThe Credible Labs acquisition complements Fox digital offering portfolio as the broadcaster plans to strengthen customer engagement across platforms.
At the time of announcement, Fox Corporation executive chairman and CEO Lachlan Murdoch said: “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.
“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.”
