PEP makes another partial exit from Australia's Veda Group

According to a regulatory filing, the PE firm offloaded 100 million shares via an underwritten block trade sale. The GP is understood to have sold its shares at A$2.18 apiece - a 2.7% discount on the previous closing price of $2.24.

The transaction follows an aborted attempt at a partial exit last week, when PEP was said to be trying to sell more than A$600 million worth of shares. The deal was pulled because the PE firm was unable to secure a high enough price.

Prior to this latest transaction, the Australian GP exited half its stake in the business in a deal worth around A$580 million in August.

PEP acquired Veda in 2007 in a joint deal with Merrill Lynch Global Private Equity, the pair paying A$963 million for a 100% stake. It raised A$341 million when it floated Veda on the Australian Securities Exchange last year, while retaining a 64% stake in the business.

Veda operates primary credit bureaus in Australia and New Zealand and is now a principal source of consumer credit information. The company forecasts that demand for its data-driven services will increase as consumers seek not only information about themselves but ways to ensure they are not subject to fraud and misreporting of their true financial position.

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• Topics
• Australasia
• Exits
• Financials
• Australia
• Exit
• Pacific Equity Partners
• Financial Services
• Sell down