Equifax purchases CSC Credit Services for $1 billion

equifax-logoEquifax announced last week that it had completed its $1 billion purchase of CSC Credit Services after all closing conditions of the asset purchase agreement were met.

CSC, a subsidiary of the Houston-based Computer Sciences Corporation, provides consumer credit services to mortgage lenders, the auto industry, retailers, banks, utility companies, and other financial and credit information consumers. CSC’s credit files cover approximately 20 percent of the American population and the company has been Equifax’s largest credit affiliate since 1988, Houston Business Journal reports.

Equifax, based in Atlanta, said that it expects to add between $115 million and $125 million to its net operating revenue as a result of the purchase.

“We have a long working history with CSC and believe the acquisition of these assets will be a catalyst for the long-term growth of our USCIS business unit,” Equifax Chairman and CEO Richard Smith said, according to Houston Business Journal.

Equifax said that it plans to close the deal by the end of the year. CSC stock is up by more than three percent.

CSC said this year that it planned to sell assets and cut costs by $1 billion. The firm had been losing money during renegotiations with the U.K.’s National Health Service, Houston Business Journal reports.