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Credit Corp acquires debt collection company, ups fiscal 2020 profit guidance

Australia's Credit Corp Group Ltd. has acquired Baycorp Holdings Pty Ltd. and its associated entities from U.S.-based Encore Capital Group Inc. for approximately A$65 million, and expects the deal will boost its net profit from fiscal 2020.

Baycorp is a debt purchasing and collection operator in Australia and New Zealand, according to an Aug. 16 release.

Baycorp's debt collection platform will be merged into Credit Corp's Australian and New Zealand debt buying business. The New Zealand agency business will be preserved and enhanced, while the Australian agency operation will be restructured.

Following the acquisition, Credit Corp expects net profit for the fiscal year ending June 30, 2020, to rise by 15% to 18% from a year earlier to A$81 million to A$83 million. Its previous forecast was A$75 million to A$77 million.