Experian Plans $110-Million Purchase

Credit information giant Experian Inc. has signed a memo of intent to acquire the credit card and check processing unit of French banking industry leader Societe General for $110 million. Completion of the deal is expected later this month.

In addition to processing financial instruments, the 1,400 employee SG2 unit compiles and markets consumer and business information databases. Experian, a subsidiary of Great Universal Stores PLC in Great Britain, maintains its U.S. headquarters in Orange. The company was formed in November 1996, through the merger of TRW Inc.’s Information Systems & Services with Great Universal’s credit information subsidiary, CCN Group.

The SG2 acquisition will broaden Experian’s base in France. Experian also has credit card processing operations in Germany, the Netherlands and the United Kingdom.