The partnership between the US and Australian investment banks to acquire the largest business of its kind in the territory came after Veda's board unanimously agreed to the offer of $2.93 per share.
News of the acquisition of Veda, which provides credit-checking services for credit-card companies and banks, comes at a time when record levels of household debt in Australia has seen the ratio between debt-to-income double during the last ten years.
Michael Birch, of asset management company Wallace Funds Management, told Bloomberg: `"Consumer credit keeps rising and Veda has a monopoly business. From a user's point of view, they're the only ones with a reliable credit database.''
Since the deal was announced shares in Veda rose by seven per cent to $2.85.
Last year Veda's second-half profit grew by 66 per cent following the sale of the debt collection department of its business for $25 million.