UK regulator orders Dye & Durham to sell TM Group on competition concerns

By Amna Karimi

(Reuters) – Britain’s competitors regulator stated on Wednesday that Canadian cloud-based software program agency Dye & Durham ought to promote UK-based TM Group after its investigation recognized competitors issues.

The Competitors and Markets Authority (CMA) stated following an in-depth investigation it discovered Dye & Durham’s acquisition of TM Group reduces competitors within the provide of property search providers in England and Wales.

“TM Group respects the choice made and can proceed to totally cooperate with the CMA as we work with each them and Dye & Durham to establish a long-term investor,” TM Group stated in an emailed assertion to Reuters.

In a separate assertion Dye & Durham stated it’s evaluating the CMA’s ultimate report intimately and can take into account its choices and subsequent steps.

“Dye & Durham strongly disagrees with the CMA’s determination and continues to consider that the acquisition of TMG can be useful for the search report market and its clients,” Dye & Durham added.

The watchdog served an preliminary enforcement order final September referring to Dye & Durham’s acquisition of TM Group.

In Might, the regulator concluded that the deal might end in homebuyers paying increased costs for property search providers.

“The merger of two of the most important gamers on this market can be unhealthy information for anybody shopping for or promoting property in England and Wales,” Richard Feasey, chair of the unbiased CMA group conducting the inquiry, stated.

Dye & Durham introduced the acquisition of Wiltshire-headquartered TM Group for about $156 million in July 2021.

Shares in Dye & Durham had been down 1% at C$18.64 ($14.49).

($1 = 1.2868 Canadian {dollars})

(Reporting by Amna Karimi and Radhika Anilkumar in Bengaluru; enhancing by Shailesh Kuber, Jason Neely and David Evans)