25th Jun 2021 09:10
(Alliance News) - The UK Competition & Markets Authority invited comments on Friday as it mulls Moneysupermarket.com Group PLC's proposed holiday comparison site merger.
In May, the FTSE-250 listed price comparison website revealed plans to combine its TravelSupermarket business with package holiday comparison and deals site Icelolly Marketing Ltd, to create a stand-alone holiday comparison business.
The competition regulator said it will invite comments on the transaction until July 9 as it begins considering whether the merger would result in a "substantial lessening of competition" in any UK markets.
As previously announced, the proposed cash-free deal would result in Moneysupermarket owning 62% of the combined entity and holding board control. The remaining equity would be held by Icelolly.com owner Palatine Private Equity LLP and management.
In 2019 the combined revenue for the two brands was around GBP30 million. However, this has dropped significantly due to the impact of the pandemic.
Moneysupermarket.com shares were trading up 0.7% at 261.40 pence each in London on Friday morning.
By Scarlett Butler; [email protected]
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