Credit Clear Buys UK-Based Debt Collection Agency, Completes AU$21 Million Placement

MT Newswires Live10-22

Credit Clear (ASX:CCR) entered into a sale and purchase agreement to acquire 100% of the issued share capital in ARC Europe, a UK-based debt collection agency, for 5.3 million pounds sterling in cash and shares, according to a Wednesday Australian bourse filing.

The company expects the deal to be earnings and earnings per share accretive in the first year of ownership.

The acquisition adds scale and leverages ARC's UK customer base to integrate Credit Clear's digital platform, driving efficiency, growth, and cross-selling opportunities, the filing added.

The company added that it has completed a AU$20.8 million placement at AU$0.25 apiece, with Chair Paul Dwyer subscribing for AU$8 million.

Proceeds will be used for the acquisition and future growth opportunities.

The company's shares rose almost 2% in recent Wednesday trade.

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