A private equity consortium is to invest A$963m ($786m) in Veda Advantage after being forced to raise its initial offer for Australasia’s biggest credit quality group.

Merrill Lynch Global Private Equity and Australia’s Pacific Equity Partners on Monday unveiled a recommended A$3.61 a share, or A$814m, cash bid for the Sydney-based group. Veda, which compiles credit worthiness data, also has net debt of A$149m.