Equifax to Split, Spin Off Insurance Unit

Atlanta-based Equifax Inc. said it plans to split into two companies and spin off its insurance services unit to its shareholders because its two businesses have become too divergent. The information services company plans to create a new company out of its insurance service business, which has $559 million in annual revenue and more than 4,500 employees. Equifax shareholders would receive shares in the as-yet-unnamed company, which will specialize in providing risk management information and services to the insurance industry. Equifax said its two businesses have in recent years been catering to far different markets and thus will be better positioned to compete separately. Equifax shares rose $2.125 to close at $33.75 on the NYSE.