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Experian acquires Passport Health for $850m

UK-based credit data provider Experian has acquired US healthcare data firm Passport Health Communications for $850 million (£528.3 million).

Passport Health Communications is a technology firm that helps 2,500 US hospitals manage payments between patients, insurers and government schemes.

Shares in Experian fell by 6% to £11.83 after the deal became public due to concerns the company had overpaid for Passport Health Communications.

Jefferies cut its rating on Experian from buy to hold. Analyst Kean Marden said: “The debate… will centre on value creation after another sizeable acquisition. Although the Passport Health Communication transaction should be earnings per share accretive, we believe earnings before interest and tax need to increase from $30 million to $80 million to cover its cost of capital.”

The deal is the third acquisition Experian has made this year: the company has spent $1.2 billion since April on acquisitions as part of an aggressive expansion strategy.

Experian chief executive Don Robert said: “We’re willing to invest pretty aggressively in the biggest global growth opportunities, which include fraud prevention and healthcare.”

Experian acquired Passport Health from private equity firms, management and employees.



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Posted on: 08/11/2013

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