British credit information firm Experian said on Tuesday it was buying a 65 percent stake in Brazilian credit bureau Serasa for $1.2 billion to give it control of three of the top five credit bureaux worldwide.

Chief Executive Don Robert said in a statement the deal, which had been flagged, was a transformational opportunity for Experian and would give it a leading position in Brazil alongside its tops spots in Britain and the United States.

Experian, which collects and analyses credit and marketing data, said the acquisition, for 2.32 billion reais from a consortium Brazilian banks, will be neutral to its earnings in the first full fiscal year and enhance them thereafter.

The transaction is expected to be completed by the end of June, said Experian, adding its stake in Seresa will rise to 70 percent over the next six months. The price for the initial stake included transaction costs, net of cash, and will be funded from existing facilities.

Shares in Experian, which was spun out of British conglomerate GUS last autumn, closed at 589 pence on Monday to value the business at 6 billion pounds.

($1 = 1.944 reals)

United kingdom