Fox Corporation Strikes Deal to Buy 67% of Equity in Credible Labs

Fox Corporation, an American television network, ventures into a definitive merger agreement with the financial technology company, Credible Labs Inc. Fox commits to pay about $265 million for the purchase of 67 percent of the company’s equity, in addition to $75 million of growth capital to Credible for the next two years.

Lachlan Murdoch, Executive Chairman & CEO of Fox Corporation states, “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.”

Credible’s Founder & CEO, Stephen Dash, will continue to serve in his current position. He would exchange about 33 percent shares from Credible’s outstanding common stock into units of newly created Fox subsidiary as a part of the transaction, and also obtain certain approvals from the Australian Securities Exchange.

Credible’s industry-leading user experience, combined with FOX, will provide greater impact and scale for consumers.

The deal is expected to close in the fourth quarter of this year on the condition of a majority vote from all the shareholder as well as every Credible shareholders, apart from Stephen and his affiliates. It is also subject to the regulatory approvals and other customary closing conditions.

Commenting of the agreement, Stephen says, “Fox Corporation’s record of innovation and focus on audience engagement will further enhance Credible’s position as a leading consumer finance marketplace in the United States, creating opportunities for organic growth and the expansion of the Credible platform. Credible’s industry-leading user experience, combined with FOX, will provide greater impact and scale for consumers.”