Under the terms of the partnership, Experian will acquire a 25% stake in L&C.
Mike Edge, chairman at L&C, will remain the majority shareholder with a significant amount of equity remaining with L&C’s management and employees.
Mr Edge said: “We are delighted that Experian has chosen to invest in L&C, a fantastic business that has attracted growing numbers of customers by pioneering high-quality, fee-free mortgage advice.
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“The market is changing at pace and we are determined to lead the way through this exciting partnership with Experian to accelerate the growth and development of our hybrid digital proposition.
“Together we will build an even stronger business than we have today.”
Clive Lawson, managing director of Experian Consumer Services, added: “We’re excited about the potential of this partnership and the opportunities we see to work with L&C to improve customer experience in the UK mortgage market.”
L&C is being advised by Fenchurch on the transaction, with Osborne Clark providing legal advice.
Experian is being advised by Eversheds Sutherland.
The transaction will be subject to FCA consent.
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