On 2 March 2026 TransUnion announced the closing of its purchase of an additional 68% of the consumer credit business of Buró de Crédito, taking its ownership to approximately 94%. The consideration, paid in cash and subject to adjustments, was approximately MXN 11,400 million (USD 662 million) on an enterprise value of MXN 16,800 million. It is the first of two transactions that, within five months, placed Buró de Crédito and Círculo de Crédito under the control of global operators.
The transaction
TransUnion, already a shareholder, signed in January 2025 the cash purchase of an additional 68%. According to El CEO, the sellers include Banorte (5%), Santander (16.7%), BBVA (16%), HSBC (5.8%) and Scotiabank (6.7%), which sold part of their holdings; the sources do not identify the remaining sellers or what each bank retains.
The price was set on an enterprise value of MXN 16,800 million. In our reading, the fact that the price for 68% is almost exactly that fraction of enterprise value suggests a company valued with practically no net debt. Adjustments, approvals and closing conditions are not detailed in the sources; closing came more than thirteen months after signing.
Value drivers
Control of regulated infrastructure. TransUnion moves from minority holder to owner of roughly 94%. In our reading, the price incorporates the value of consolidating the company and setting its product strategy without depending on consensus among the banks.
Scarcity of the asset. In our reading, a credit bureau cannot be replicated: it requires authorisation, decades of history and the participation of the lenders themselves. Between March and July 2026, TransUnion and Equifax took control of Buró de Crédito and Círculo de Crédito respectively.
An expanding credit market. When it announced the Círculo de Crédito purchase, Equifax described Mexico as one of the fastest-growing credit markets globally and cited that more than 25% of the population lacks access to formal financial products. That is the underlying thesis of both buyers.
A multiple reference. Equifax agreed to pay USD 825 million for 100% of Círculo de Crédito (enterprise value USD 750 million), on trailing adjusted EBITDA of USD 62 million: roughly 12 times by our calculation. The sources include no financial figures for Buró de Crédito, so there is no comparable multiple.
Banks monetising non-strategic stakes. In our reading, the sellers keep access to the data as users and contributors; they sold the equity, not the operating relationship.
What the market is signalling
For global strategic buyers, Mexican financial infrastructure with cash flow and regulatory barriers is paid for in cash and on enterprise value, with more than a year between signing and closing. For fintech lenders and SOFOMs, the change of counterparty at both bureaus matters: FintechExpert, writing on Círculo de Crédito, warned of barriers for smaller participants in access to data.
For the banks, this sale contrasts with the attempt to sell 51% of Prosa to Visa, denied by the Comisión Nacional Antimonopolio in February 2026. In our reading, the difference lies not in the shared nature of the asset but in the fact that Visa already competed with Prosa, whereas TransUnion was a shareholder of Buró de Crédito.
G2’s reading for a mandate
In a sell-side of financial or data infrastructure, the competition analysis is done before the process opens, not when the first offer arrives; the calendar budgets more than a year between signing and closing; and the price formula (enterprise value, adjustments for debt and working capital) is locked in the term sheet, because that is what preserves value through a long wait.
Sources
- El CEO, 16 January 2025: Bancos venden parte de su participación en Buró de Crédito
- TransUnion, 2 March 2026: TransUnion completes acquisition of majority ownership of Buró de Crédito
- Equifax, 7 July 2026: Definitive agreement to acquire Círculo de Crédito
- FintechExpert, 14 July 2026: Equifax compra Círculo de Crédito
- Comisión Nacional Antimonopolio, 20 February 2026: La CNA niega la compra de Prosa