# EDGAR Filing Document

**Accession Number:** 0001956746
**File Stem:** 0000000000-23-003267
**Filing Date:** 2023-3
**Character Count:** 18701
**Document Hash:** b12bf88fb15312af09a839a1dfc67694
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-003267.hdr.sgml**: 20230703

**ACCESSION NUMBER**: 0000000000-23-003267

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230331

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equifax do Brasil S.A.
- **CENTRAL INDEX KEY:** 0001956746
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 1636, 3RD FLOOR
- **STREET 2:** SUITE 309, ROOM 1, BELA VISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-200
- **BUSINESS PHONE:** 55-11-99431-6061

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 1636, 3RD FLOOR
- **STREET 2:** SUITE 309, ROOM 1, BELA VISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-200
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-23-061597

## Text-Extract

```

United States securities and exchange commission logo

                               March 31, 2023

       John W. Gamble, Jr.
       Chief Executive Officer
       Equifax do Brasil S.A.
       Avenida Paulista, 1,636
       3rd Floor, Suite 309, Room 1 Bela Vista
       S  o Paulo, Brazil, 01310-200

                                                        Re: Equifax do Brasil
S.A.
                                                            Registration
Statement on Form F-4
                                                            Filed March 6, 2023
                                                            File No. 333-270310

       Dear John W. Gamble:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-4 filed March 6, 2023

       Questions and Answers About the Transaction
       If the Transaction is consummated, what will I receive?, page 1

   1.                                                   We note that Boa Vista
shareholders have multiple options with respect to the
                                                        consideration that they
receive in connection with this transaction. Please revise to lay out
                                                        in a tabular form, or
other easily readable chart, an explanation of the Boa Vista
                                                        shareholder options
with respect to the consideration, withdrawal rights, and eventual put
                                                        and call options in
connection with this transaction.
   2.                                                   We note that any cash
amounts payable upon the redemption will be adjusted
                                                        downwards. Please
estimate the potential adjustments, if feasible, and provide examples
 John W. Gamble, Jr.
Equifax do Brasil S.A.
March 31, 2023
Page 2
         under each redemption scenario that explains what shareholders would
receive. If you are
         not able to estimate the potential adjustments, please explain why. In
this light, we note
         that on page 89 you have estimated that as of September 30, 2022,
claims against Boa
         Vista totaled approximately R$103.1 million.
What shareholder approvals are needed for the Transaction?, page 2

3.       Here and in the "Required Vote" section on page 15, please revise to
state the remaining
         percentage of BV Common Shares required to vote at the BV Special
Meeting to approve
         the transaction, which we note is approximately 10.11%.
What percentage ownership will former Boa Vista shareholders hold in EFX and/or
EFX Brasil
...., page 7

4.       Please add a question and answer that addresses how the Consideration
may be affected
         by fluctuations in the Brazilian real/U.S. dollar exchange rate, as
discussed in your risk
         factor on page 28 and in the Risks Relating to Brazil, starting on
page 39.
Summary of the Transaction
Risk Factors, page 14

5.       Please revise to provide a summary of the risk factors here. Please
refer to Item 3 of Form
         F-4.
Quorum for Installation, page 15

6.       We note your statement that "[t]he BV Special Meeting will be
installed on first call if
         25% of the issued and outstanding BV Common Shares are present, in
person or by
         proxy." Please revise to state whether quorum will be met by nature of
the ownership of
         EFX Brasil and ACSP, which own approximately 40% of the issued and
outstanding
         shares.
Risk Factors
Security Breaches and other disruptions to information technology
infrastructure .., page 28

7.       To the extent that Boa Vista has experienced a material cybersecurity
event, leak, or data
         breach, please revise to state as much, quantify such impacts, and
describe any other
         related consequences.
Boa  Vista may
FirstName      not hold allW.
           LastNameJohn    intellectual
                              Gamble, property
                                        Jr.     rights ..., page 30
Comapany
8.         NameEquifax
       Please             do Brasil
              disclose which        S.A.material trademarks are currently being
challenged and if
                             Boa Vista
March possible,
       31, 2023 describe
                 Page 2 the related quantitative impact on Boa Vista's
business.
FirstName LastName
 John W. Gamble, Jr.
FirstName
Equifax do LastNameJohn W. Gamble, Jr.
            Brasil S.A.
Comapany
March      NameEquifax do Brasil S.A.
       31, 2023
March3 31, 2023 Page 3
Page
FirstName LastName
Boa Vista may face difficulties in implementing EFX's technology ..., page 32

9.       To the extent material, please state the anticipated costs associated
with implementing the
         EFX technology transformation strategy.
Background of the Transaction, page 46

10.      Please revise your disclosure throughout this section to provide
greater detail as to
         the background of the strategic options that you considered, the
transaction, including the
         material issues discussed and key negotiated terms and agreements. The
disclosure should
         provide shareholders with an understanding of how, when, and why the
material terms of
         your proposed transaction evolved and why this transaction is being
recommended as
         opposed to any alternatives. In your revised disclosure, please ensure
that you address the
         following:

                the material terms for any proposals and subsequent proposals
and counter offers;

                at what point other strategic alternatives were eliminated from
consideration;

                negotiation of the transaction documents and the parties
involved;

                valuations, including the Valuation Report; and

                the consideration offered.
11.      Please disclose all material details of the steps that occurred
between early 2022 when
         EFX approached ACSP about the potential take-private transaction and
December 1,
         2022, when the EFX board of directors were provided with an update on
the material
         terms and conditions of the transaction, which it subsequently
approved on the same day.
12.      Please elaborate on how the R$8.00 per share/aggregate purchase price
of up to R$4.0
         billion was determined and all consideration alternatives.
EFX's Reasons for the Transaction, page 47

13.      We note the disclosure regarding the EFX board's reasons for the
transactions. Please
         revise to state all material factors considered, both positive and
negative. Additionally,
         please disclose whether the EFX board considered the consideration to
be offered in
         connection with the transaction. If not, please state why the EFX
board did not consider
         the consideration and whether the EFX board continues to recommend the
transaction.
         Finally, we note that the EFX board agreed to recommend the
transaction on December 1,
         2022, but negotiations with respect to the transaction were ongoing
throughout December
         2022 and into February 2023, in connection with entry in to the Voting
Agreement. Please
         revise to state whether the EFX board considered the events after
December 1, 2022 and if
         it continues to recommend the transaction.
 John W. Gamble, Jr.
FirstName
Equifax do LastNameJohn W. Gamble, Jr.
            Brasil S.A.
Comapany
March      NameEquifax do Brasil S.A.
       31, 2023
March4 31, 2023 Page 4
Page
FirstName LastName
The Transaction
Accounting Treatment of the Transaction, page 48

14.      We note the disclosure on page 83 that (i) EFX Brasil was established
as a vehicle for
         EFX   s business and investments in Brazil, (ii) EFX made its initial
investment in Boa
         Vista through EFX Brasil in 2011, at which point the then-existing
business and
         operations of EFX Brasil were taken over by Boa Vista, (iii) since
such time, EFX Brasil
         has not engaged in any significant business other than holding the
indirect interest of EFX
         in Boa Vista, (iv) it has no significant sources of income other than
distributions from or
         gains or losses on its investment in Boa Vista. In view of the
preceding, please explain to
         us your consideration and analysis in accounting for the transaction
as a reverse
         acquisition guided by either IFRS 3 or IFRS 2 as appropriate.
Notes to the Unaudited Pro Forma Condensed Combined Financial Information
Note 4(g) - Transaction Adjustments, Earnings per share, page 79

15.      We note adjustment 4(g) assumes all Boa Vista shareholders elect,
pursuant to the Class A
         redemption option, to exchange all shares for Class A EFX Brasil
Redeemable Shares
         resulting in an all cash redemption and no impact on pro forma
earnings per share. Please
         explain your basis for assuming all Boa Vista shareholders elect to
receive Class A EFX
         Brasil Redeemable Shares as opposed to other EFX Brasil Redeemable
Shares.
         Additionally, explain your consideration of Regulation S-X
11-02(a)(10) and the impact
         on pro forma earnings per share of the underlying EFX Brasil common
shares and the
         EFX BDRs if Boa Vista shareholders elect other EFX Brasil Redeemable
Shares. In
         Notes 1(b) and 1(e) it appears you may be relying on the assumption
that EFX Brasil
         common shares, issued pursuant to Class C Redeemable Shares, are
redeemed for EFX
         BDRs and EFX BDRs issued pursuant to Class B and C EFX Redeemable
Shares result in
         the issuance of EFX Inc. common shares and have no effect on the EPS
of EFX Brasil. If
         our understanding is correct, please help us better understand how the
EFX Common
         Shares and EFX BDRs issued as part of the consideration upon
completion of the
         proposed transaction have no impact on pro forma EPS.
Business and Certain Other Information of EFX Brasil and Boa Vista, page 83

16.      We note your disclosure regarding Boa Vista's business. Please revise
to provide
         additional context and sources for the following statements. For
example, where you
         discuss the size of the company or its market share, please revise to
provide the
         appropriate quantitative measures. Where you make comparisons to
competitors, please
         provide additional background information that explains the basis for
making such
         comparisons. If any of the following statements are based on
management's beliefs, please
         revise to state as much.

                "Boa Vista Servi  os S.A. is one of the largest consumer credit
bureaus in Brazil."
 John W. Gamble, Jr.
FirstName
Equifax do LastNameJohn W. Gamble, Jr.
            Brasil S.A.
Comapany
March      NameEquifax do Brasil S.A.
       31, 2023
March5 31, 2023 Page 5
Page
FirstName LastName
                "[Boa Vista is] currently holding significant market share in
all segments of the
              economy, including large financial conglomerates, banks,
financial service providers,
              fintechs, insurance companies, telecommunications service
providers and electric
              utilities ... ."

                "The possession of a proprietary database is a primary
differentiator between Boa
              Vista and other companies, which generally create solutions based
on third-party
              data."

                "The Cadastro Positivo has increased the data available to the
market, and will
              increasingly challenge companies in understanding how to use such
data."

                "The largest companies in the market include Serasa Experian,
Boa Vista, the
              Brazilian Credit Protection Service, or SPC Brasil, and Quod.
Many of Boa Vista   s
              competitors offer a similar suite of products, both in terms of
consumer credit
              information and recovery services."
Management's Discussion and Analysis of Financial Condition and Results of
Operation of EFX
Brasil and Boa Vista, page 93

17.      For EFX Brasil, fair value gains on equity investments at FVPL were
R$66,709,440 in
         2022 versus losses of R$(352,077,600) in 2021. Other Income, net was
R$14,550,486 in
         2022 versus R$5,048,206 in 2021. Please disclose the reasons for the
changes. Refer to
         guidance in Item 5.A of Form 20-F.
Liquidity and Capital Resources
Net Cash flows
Net Cash Flows from Operating Activities, page 102

18.      Please clarify for us and in your disclosure how you determined the
increase in profit
         adjusted for non-cash items for each period. Also, it appears for the
interim period
         analysis the factors cited account for only R$31.3 million of the
R$132.5 total change
         between the periods. Expand the analysis to include other material
items impacting the
         variance between these periods. Further, discuss the material
reason(s) underlying the
         changes in the factors noted for both the interim and annual periods.
Note that merely
         citing changes in results and working capital may not provide a
sufficient basis to
         understand changes in operating cash between periods. Refer to Item 5
of Form 20-F, in
         particular instruction 9 of instructions to Item 5, section III.D of
Release No. 33-6835
         and section IV.B.1 of Release No. 33-8350 for guidance.
Principal Shareholders, page 108

19.      Please disclose the natural persons that hold voting and/or investment
power over the
         shares that are beneficially owned by the companies listed on page
108. Additionally, we
         note that "Others" own a total of 30.345% of BV Common Shares. Please
revise to
 John W. Gamble, Jr.
Equifax do Brasil S.A.
March 31, 2023
Page 6
         provide the names of the major shareholders included in this amount,
if known.
Boa Vista Servicos S.A.
Notes to the consolidated financial statements for the years ended December 31,
2021 and 2020
Note 21. Shareholders' Equity
(a) Share Capital, page F-68

20.      Please explain what    Green Shoe    refers to.
Note 29. Employee benefits
(i) Stock option plan, page F-85

21.      Please explain how your disclosure provides the information to
understand how the fair
         value was determined or revise your disclosure accordingly. Please
refer to IFRS 2.46.
22.      We note you recorded R$45,856 as of September 30, 2020 relating to the
early vesting of
         options granted and not yet vested. On page F-62, Note 16(a), we note
you recorded stock
         option plan expense to key management personnel of R$18,443. Please
explain if these
         two amounts are related and, if so, the reason for the difference.
23.      We refer you to the first table on page F-86, changes in balance of
vested stock options.
         Please explain why the balance for the year ended December 31, 2021 of
24,970 is not
         consistent with the share-based payment plan balance on the statement
of changes in
         shareholders    equity on page F-29 of 50,014.
General

24.    We note that an appraiser was hired to prepare the Valuation Report.
Please revise to
FirstName LastNameJohn W. Gamble, Jr.
       name the appraiser, summarize the Valuation Report, and provide the
information
Comapany   NameEquifax
       required           do Brasil
                by Item 1015(b)     S.A.
                                of Regulation  M-A and file such report as an
exhibit. Please
March refer to Item
       31, 2023  Page4(b)
                       6 of Form F-4.
FirstName LastName
 John W. Gamble, Jr.
FirstName
Equifax do LastNameJohn W. Gamble, Jr.
            Brasil S.A.
Comapany
March      NameEquifax do Brasil S.A.
       31, 2023
March7 31, 2023 Page 7
Page
FirstName LastName
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       You may contact Scott Stringer at 202-551-3272 or Doug Jones at
202-551-3309 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Cara Wirth at 202-551-7127 or Dietrich King at 202-551-8071 with any
other questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Trade &
Services
cc:      Richard Aftanas

```

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