Business
Why the Credit Corp (ASX:CCP) share price is surging 19% higher today
The Credit Corp Group Limited (ASX: CCP) share price is surging higher today. This comes after the company announced an acquisition of a ledger book and an increase of its FY21 guidance.
At the time of writing, the Credit Corp share price is up 19% to $29.70.
What’s driving the Credit Corp share price higher?
According to its release, Credit Corp advised that it will acquire the Australian purchased debt ledger (PDL) book of Collection House Limited (ASX: CLH).
Collection House is a credit management agency that specialises in commercial debt recovery and outsourced credit control.
The book value of the transaction is estimated to be around $160 million. Credit Corp, however, will provide Collection House with an additional…
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