Fox Corp. has struck a deal to buy a majority stake in Credible Labs Inc., a marketplace for consumer-lending information, for $265 million, the company said Sunday afternoon.
The San Francisco-based Credible CRD, +5.83% , which is listed on the Australian market, helps consumers shop for loans for mortgages and schools from financial institutions.
The $265 million investment will give Fox a 67% stake in Credible. As part of the deal, Fox has also agreed to commit up to $75 million in cash to fund the firm’s operating needs over the next two years. The transaction is expected to close by the end of the year.
Fox Corp. FOX, -0.76% said the deal is part of its digital strategy which emphasizes direct interactions with consumers. The company also said that Credible will become a resource for its Fox Business Network.
Fox Corp. and Wall Street Journal and MarketWatch parent News Corp NWS, -0.30% share common ownership.
An expanded version of this report appears on WSJ.com.
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