Firstsource Solutions UK (FSL UK), wholly owned subsidiary of Firstsource Solutions, has executed a share purchase agreement (SPA) with Philip Peter Grant, Caroline Ann Grant, James Andrew Seroka and Joshua John Tierney Anthony, the shareholders of Pastdue Credit Solutions (PDC) for acquisition of 100% ownership in PDC for a consideration of GBP 22 million, including upfront payment & earnouts (Purchase Consideration) and subject to terms set out in the SPA and approval under National Securities and Investment Act 2021 (NSI Act) and from the Financial Conduct Authority (FCA).
Upon completion of the transaction, PDC will become a subsidiary of FSL UK and in turn a step-down subsidiary of the Company.
Pastdue Credit Solutions (PDC) is an FCA-registered UK based collections agency that is engaged in the business of providing white-label, early arrears and debt collections & recovery services. .