Britain’s GUS PLC said Wednesday it plans to spin off credit rating and financial services company Experian Group in October, the early end of a timetable set out in March.
Two months ago, GUS said it planned to “demerge” Experian in six to 12 months.
Experian also said Chief Executive Don Robert plans to move to London, where the independent company is set to be based.
Up to now, Robert was undecided on whether he would move to London or continue leading Experian from Costa Mesa, which has served as the company’s de facto headquarters.
Experian is set to operate with a small staff in London and a listing on the city’s stock exchange. Experian’s operational headquarters are set to stay in Costa Mesa and Nottingham.
The company plans to offer stock to GUS investors and raise about $1.5 billion by selling new shares. The company is set to have $1.9 billion in debt after the separation, according to Bloomberg.
Investors had been rooting for fast-growing Experian to separate from its retail siblings, which have seen sluggish growth in Great Britain. GUS is set to issue new shares to existing GUS shareholders and new investors.
