Fox Corp. agreed to acquire a 67% stake in Credible Labs Inc., a U.S.-based consumer finance marketplace operator, for about $265 million.
Post-completion, Fox Corp. will invest up to $75 million in Credible Labs over about two years to support the company's growth, according to an Aug. 4 statement.
Furthermore, Credible Labs founder and CEO Stephen Dash will exchange shares equivalent to 33% of Credible Labs' outstanding common stock into units of a newly created Fox Corp. unit, subject to certain approvals from the Australian Securities Exchange. Dash will remain at the helm.
The transaction is expected to be completed in the fourth quarter, subject to a majority vote of all Credible Labs shareholders, as well as a majority vote of all shareholders other than Dash and his affiliates. It will also need to secure regulatory clearances and other customary closing conditions.
Credible Labs' platform allows consumers to compare pre-qualified rates of student loans, personal loans and mortgages from various financial institutions.
Fox Corp. emerged as a stand-alone public company following Walt Disney Co.'s acquisition of 21st Century Fox Inc.