CSC Agrees to $1 Billion Sale of Credit Services Business to Equifax

  CSC Agrees to $1 Billion Sale of Credit Services Business to Equifax

    Transaction Aligned with Corporate Transformation Strategy to Focus on
              Next-Generation Technology Solutions and Services

 After-Tax Proceeds Planned for Share Repurchases, Pension Contributions and
                          General Corporate Purposes

            Transaction Expected to Close by End of December 2012

          Management to Host Conference Call to Discuss Transaction

Business Wire

FALLS CHURCH, Va. -- December 03, 2012

As part of its transformation initiative to rebalance its portfolio of
services and focus on next-generation technology solutions and services, CSC
(NYSE: CSC) has reached a definitive agreement with Equifax for the sale of
its credit services unit for $1 billion 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 $300 - $400 million to repurchase
shares, contribute $300 - $400 million to its pension plans and apply the
remainder to general corporate purposes.

CSC’s credit services unit, which owns credit files in 15 Midwestern and
Central U.S. states representing 20 percent of the U.S. population, is the
largest independent U.S. consumer credit reporting agency and has been an
Equifax affiliate for more than 20 years. Equifax’s history in the consumer
credit reporting industry and longstanding relationship with CSC’s credit
services business will ease the transition for CSC’s clients and employees.

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.

“This transaction advances CSC’s turnaround by reshaping our portfolio and
enabling the company to focus on next-generation technology solutions and
services,” said Mike Lawrie, president and CEO, CSC. “Upon closing, we will
receive $1 billion in cash and we intend to redeploy these funds for share
repurchases and to fund our pension plan, which will be value accretive.”

For this current fiscal year CSC’s Credit Services business is tracking to
approximately $230 million in revenue, $100 million in operating income and
$0.40 of earnings per share. The credit services business results have been
previously reported in CSC’s Business Solutions and Services segment.

CSC expects that its cash deployment strategy will help to offset the absence
of EPS contribution from the credit services unit in 2014 and subsequent

Conference Call and Webcast

CSC senior management will host a conference call and Webcast at 11:00 a.m.
EST today. The dial-in number for domestic callers is 888-401-4690. Callers
who reside outside the United States or Canada should dial 719-325-2470. The
passcode for all participants is 3902254. The Webcast audio will be available

A replay of the conference call will be available from approximately two hours
after the conclusion of the call until December 10, 2012. The replay dial-in
number is 888-203-1112 for domestic callers and 719-457-0820 for callers who
reside outside of the U.S. and Canada. The replay passcode is also 3902254.

About CSC

CSC is a global leader in providing technology-enabled business solutions and
services. Headquartered in Falls Church, Va., CSC has approximately 95,000
employees and reported revenue of $15.7 billion for the 12 months ended
September 28, 2012. For more information, visit the company's website at

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CSC Corporate
Marcel Goldstein, Director, Media Relations
CSC Corporate
Steve Virostek, Director, Investor Relations
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