Equifax Announces Signing of Definitive Agreement to Purchase the Credit Services Business of Computer Sciences Corporation for

   Equifax Announces Signing of Definitive Agreement to Purchase the Credit
     Services Business of Computer Sciences Corporation for $1.0 Billion

PR Newswire

ATLANTA, Dec. 3, 2012

ATLANTA, Dec.3, 2012 /PRNewswire/ --Equifax Inc. (NYSE: EFX) today announced
that its subsidiary, Equifax Information Services LLC, has entered into a
definitive asset purchase agreement with CSC Credit Services, Inc., a
subsidiary of Computer Sciences Corporation (NYSE: CSC), to purchase certain
credit services business assets and operations of CSC. The purchase price is
$1.0 billion in cash. As a result of this transaction, Equifax expects to
realize tax benefits from a step-up in the tax basis of the acquired assets
having an estimated net present value of approximately $200 million over a
15-year amortization period. The closing of the transaction is expected to
occur by year-end.

(Logo: http://photos.prnewswire.com/prnh/20060224/CLF037LOGO)

Headquartered in Houston, TX, CSC's credit services business provides consumer
credit services and related information to banks, mortgage companies, retail
establishments, the automotive industry, medical entities, utility companies
and other users of financial and credit information. CSC owns consumer credit
files in 15 U.S. states covering approximately 20 percent of the U.S.
population. CSC has been Equifax's largest credit affiliate since 1988.
Equifax has been processing CSC's credit information and selling those files
nationally since that time.

Richard F. Smith, Equifax Chairman and CEO, commented, "We are extremely
pleased to announce the signing of the agreement to acquire the CSC credit
services assets. We have a long working history with CSC and believe the
acquisition of these assets will be a catalyst for the long-term growth of our
USCIS business unit. We anticipate that the transaction will generate
incremental net operating revenue to Equifax in the range of $115 million to
$125 million and EBITDA of $105 million to $110 million. The pending
transaction is also expected to be solidly accretive to Equifax's adjusted
earnings per share in 2013. We will use a portion of any increased earnings
for additional investments in growth initiatives and infrastructure across our
businesses."

Lee Adrean, Equifax CFO, said, "As a result of this transaction, our leverage
initially will be modestly above our target range for net debt-to-EBITDA of
1.75 to 2.0, and we intend to focus the use of our free cash flow in 2013 on
debt reduction rather than share repurchases in order to return to our target
leverage. The combined impact of the acquisition and the change in focus on
the use of cash is expected to be accretive to adjusted earnings per share
attributable to Equifax (a non-GAAP measure, excluding the impact of
acquisition-related amortization expense and including the benefit of
tax-deductible amortization) by approximately $0.45 to $0.50 per share in
2013. The additional investment in growth initiatives and infrastructure will
partially offset this accretion by approximately $0.10 per share."

Completion of the transaction is subject to the expiration or termination of
the applicable Hart-Scott-Rodino waiting period and other customary closing
conditions. The purchase price is subject to further adjustment after closing
for the actual amount of working capital acquired by Equifax and other
specified matters; however, Equifax does not anticipate that any further
adjustment will be material. The purchase agreement is not subject to any
financing contingencies. Equifax intends to fund the cash purchase price
using debt and available cash. On December 1, 2012, Equifax entered into a new
$350 million, 364-day revolving credit facility with Bank of America, N.A., as
administrative agent and a lender, JP Morgan Chase Bank, N.A., SunTrust Bank,
and Wells Fargo Bank N.A., to supplement an existing $500 million senior
revolving credit facility. The new credit facility is available for general
corporate purposes including acquisitions.

Investor Day

On December 6, 2012, Equifax will hold an Investor Day at the New York Stock
Exchange beginning at 8:30 a.m. ET. This event will provide investors with an
opportunity to meet the Equifax leadership team, as well as learn about the
company's proven growth strategy, consistent business execution, financial
strength and vision for the future. Additional details will be forthcoming.
The presentation will be webcast and the video and presentation materials will
be posted by December 6, 2012 in the Investor Center section of the Equifax
website at www.equifax.com.

About Equifax

Equifax is a global leader in consumer and commercial information solutions,
providing businesses of all sizes and consumers with information they can
trust. We organize and assimilate data on more than 500 million consumers and
81 million businesses worldwide, and use advanced analytics and proprietary
technology to create and deliver customized insights that enrich both the
performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates and has investments in 17 countries
and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is
traded on the New York Stock Exchange under the symbol EFX. For more
information, please visit www.equifax.com.

Forward-Looking Statements

The information above contains forward-looking statements relating to, among
other things, approvals, financing, completion and benefits of the proposed
transaction. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they were made and
reflect management's current estimates, projections, expectations or beliefs
and which are subject to risks and uncertainties that may cause actual results
to differ materially. Equifax's actual results or performance may differ
materially from those suggested, expressed or implied by forward-looking
statements due to a wide range of factors including, but not limited to,
receipt of required regulatory approvals and satisfaction of conditions to
closing the purchase of the CSC credit services assets and operations, other
regulatory actions or changes, the realized benefits of the transaction such
as improved operations, enhanced earnings, revenues and cash flows, growth
potential and financial strength, tax benefits, our cash flows and ability to
repay outstanding indebtedness and fully integrate the acquired assets into
our operations, as well as general market conditions, competition and
pricing. Please refer to Equifax's report on Form 10-K for the year ended
December 31, 2011 and subsequent reports on Forms 10-Q and 8-K as filed with
the Securities and Exchange Commission for additional information and
additional factors that could affect our future results. Equifax is under no
obligation (and disclaims any obligation) to update its forward-looking
statements, whether as a result of new information, future events or
otherwise.

Note to editors: Trademarks and registered trademarks referenced herein remain
the property of their respective owners.

SOURCE Equifax

Website: http://www.equifax.com
Contact: Jeff Dodge, Investor Relations, +1-404-885-8804,
jeff.dodge@equifax.com, Tim Klein, Media Relations, +1-404-885-8555,
+1-404-771-2029 (wireless), tim.klein@equifax.com
 
Press spacebar to pause and continue. Press esc to stop.