CSC to sell credit services unit for $1B to Equifax As part of its transformation initiative to rebalance its portfolio of services and focus on next-generation technology solutions and services, CSC (CSC) has reached a definitive agreement with Equifax (EFX) for the sale of its credit services unit for $1B in cash. The after-tax proceeds from the sale of the business will be approximately $750 - $800 million based on preliminary plans. CSC intends to use $300M-$400M to repurchase shares, contribute $300M-$400M to its pension plans and apply the remainder to general corporate purposes. The companies anticipate closing of the transaction by the end of the calendar year after concluding regulatory reviews. This deal marks CSC’s second divestiture in six weeks.
Equifax selected by the SSA for identity verification solutions Equifax has completed integration with the U.S. Social Security Administration to supply identity proofing and account, address and mobile device verification. The services will help the SSA manage risk and mitigate fraud for the My Social Security program.