28th Oct 2013 09:46
LONDON (Alliance News) - Daily Mail & General Trust PLC Monday said its business information unit will buy property search company DIIG Europe from a company owned by US private equity firm TPG Capital for GBP75 million, as it seeks to benefit from the UK housing market recovery.
Kent-based DIIG Europe primarily provides residential and commercial property search results to legal
professionals. It had revenues of GBP69 million and operating profit of GBP6 million in 2012.
"Acquiring this group of outstanding companies will greatly increase our strategic reach at a time of great opportunity in the property information industry," Suresh Kavan, the head of DMGT's business information unit said in a statement.
It didn't give any more details about the nature of the deal.
DMGT shares were up 2% at 813.50 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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