Zoopla / Digital Property Group merger cleared by OFT
16th April 2012
The Office of Fair Trading (OFT) has today given clearance for the proposed merger between Digital Property Group Ltd and Zoopla Ltd to go ahead. The transaction is now expected to complete within the next few weeks and will create a credible alternative to current market-leader Rightmove and deliver enhanced value to the businesses’ estate agent and developer members across the UK.
Evidence received by the OFT during its investigation found that the merger would not result in reduced competition and consequently did not warrant reference to the Competition Commission for further investigation.
The merger, once completed, is set to be a big win for consumers and advertisers alike, with far greater coverage of property listings and an unrivalled consumer audience across the UK. The combined business will be in a position to offer an enhanced product to its users and superior value proposition to its members.
The merger will bring together a complementary set of brands including Findaproperty.com, Zoopla.co.uk and Primelocation.com and will result in the creation of a world-class property search platform and a team that continues to lead innovation in the online property market.
Alex Chesterman, Founder & CEO of Zoopla.co.uk said: “We have always been firmly of the view that this transaction is pro-competitive and is good news for both our users and customers. We are glad to be in a position now to be able to get on with the business of making the proposed benefits a reality. We have much work to do to integrate our businesses and are looking forward to the opportunities ahead.”
Mark Milner, CEO of the Digital Property Group said, “This is an important day for the industry, given the long-awaited balance in the market that this deal will deliver. It has been a long time coming and the enhanced value that the combined business will provide will make this deal a clear win for UK estate agents, letting agents and housebuilders.”
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For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
About Digital Property Group
Digital Property Group is a subsidiary of A&N Media Ltd, and operates property websites Primelocation.com and FindaProperty.com.
Primelocation.com (www.primelocation.com) serves the leading estate agency firms across the UK, including the major national agencies Countrywide, Savills, Knight Frank, Hamptons International, Chesterton Humberts, Strutt & Parker, Cluttons, Carter Jonas, as well as many other London and regional firms.
FindaProperty.com (www.findaproperty.com) offers a comprehensive search facility for house-hunters looking to buy or rent a home. In 2011, FindaProperty.com won Property Portal of the Year in the LSL awards. The site includes independent editorial on the housing market, as well as guides on different aspects of the buying, selling and renting processes, and area profiles including information on council tax rates, school tables and crime rates. Findaproperty.com lists close to 1 million properties for sale or rent from over 12,600 agent branches.
About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 06074771
VAT Registration number: 191 2231 33
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