Equifax: “¿Por Qué No Los Dos?”; EFx Joins TRU in Attractive Mexican Credit Bureau Market

Research evidence excerpt

Equifax: “¿Por Qué No Los Dos?”; EFx Joins TRU in Attractive Mexican Credit Bureau Market

J P M O R G A N North America Equity Research

07 July 2026

Equifax Overweight

EFX, EFX US

“¿Por Qué No Los Dos?”; EFX Joins TRU in Attractive Price (07 Jul 26):$174.58

Mexican Credit Bureau Market

Business & Information Services

This morning, Equifax (EFX) announced a definitive agreement to acquire Círculo Andrew C. Steinerman AC

de Crédito, a leading credit bureau in Mexico, for a purchase price of $825mm (1-212) 622-2527

($750mm enterprise value, net of $75mm estimated net cash at closing). The andrew.steinerman@jpmorgan.com

transaction is expected to be financed with cash on hand plus available debt Alexander E.M. Hess, CFA

capacity, and is slated to close in 4Q26 subject to regulatory approval. Equifax’s (1-212) 622-8331

acquisition follows on the heels of TransUnion’s (TRU; OW) acquisition of a alexander.hess@jpmorgan.com

controlling stake in Trans Union de México, which closed on May 2nd. There are Rohan Kalra

significant differences between the two Mexican bureaus, which we discuss below. (1-212) 622-0879

rohan.kalra@jpmorgan.com

Overall, we think the Mexican market is extremely attractive, in that it is large J.P. Morgan Securities LLC

enough for multiple bureaus to succeed while presenting a compelling secular

growth opportunity led by increasing household credit penetration.

• Equifax is entering an attractive geography: Mexico represents the second-

largest economy in Latin America and possesses deep historical, cultural, and

trade-based ties to the United States. Demographics are attractive (i.e., a

growing, young population), consumers are increasingly able to access credit,

and digital adoption supports account growth for both banks and dedicated

fintechs.