Canada’s second-largest publicly traded company has announced that it will merge with a company with the largest U.S. market share in the banking industry.
Founded in 2004, Equifax said on Thursday it will become Equifax Capital Corp. (EVIC), the country’s biggest bank, with a majority stake in the two companies.
The companies have a combined market capitalization of $8.9 billion.
Equifax has a market value of $22.6 billion, while EVIC has $4.7 billion.
In addition to its U.K. operations, Equicys global footprint includes several U.Y. countries, the Caribbean, Asia, the Middle East, Europe, Africa and Australia.
Equifax’s announcement comes as the U.N. General Assembly is preparing to vote on a resolution calling on countries to approve a global ban on human trafficking.
The U.NS. says the proposal, which would be the first in a global law, is an important step to end human trafficking and help combat the pandemic.
Finance Minister Jim Flaherty has said the proposal is “not a substitute for the kind of action that will be required to prevent and respond to human trafficking in countries around the world.”
A Canadian bank, Equibank (EIB) has already been approved for a $1.6-billion investment in a Canadian bank that is part of a $2-billion deal that also includes a $4-billion loan to Equifax.
The Canadian government has not yet commented on the Equifax deal, but Flaherty said last month that the country would be ready to act if the U-turn by Equifax was necessary.