Property data company Dye & Durham has promised to “work collaboratively” with the Competition and Markets Authority (CMA) after the watchdog indicated that it would call for the brand to sell the recently acquired TM Group.
Dye & Durham, an international provider of cloud-based software and technology solutions, announced the £91.5m purchase of Swindon-based TM Group in July 2021.
Both businesses offer property search services to clients in the UK under a variety of different brands.
The CMA claimed it was not informed of the deal and launched its own investigation, provisionally revealing yesterday that it felt the acquisition “substantially lessens competition in the supply of property search services.”
It warned this could lead to a worse deal for homebuyers due to less competition and higher pricing.
The CMA said its initial view is that Dye & Durham should sell TM Group to a suitable buyer.
But the Toronto-based provider issued a strong rebuttal of the CMA’s initial findings yesterday, stating that there was no obligation for it to inform the organisation of the deal.
A statement from Dye & Durham said: "Dye & Durham disagrees with the CMA’s provisional findings and is evaluating its potential options.
"Dye & Durham complies with all laws and regulations in every market in which it operates.
“The company has exercised every best effort to help the CMA with its review of the transaction, explain its benefits and offer a remedy proposal and is ready to continue to work collaboratively with the CMA going forward.”
The CMA has invited submissions on its provisional findings by 8 June 2022 and its notice of possible remedies, which sets out potential options for addressing its provisional concerns, by 1 June 2022.
It plans to issue its final decision by 16 August 2022.