14th Oct 2011 10:30
14 October, 2011
Daily Mail and General Trust plc (`DMGT') Merger of Digital Property Group with Zoopla
A&N Media, the consumer media division of DMGT announces that it has agreed to merge the online property business of its Digital Property Group ("DPG"), which includes FindaProperty.com and Primelocation.com, with those of Zoopla Limited ("Zoopla") operator of Zoopla.co.uk. Zoopla is a privately-owned company which has venture capital interests as its largest shareholders. Under the proposed merger, A&N Media will retain a 55% interest in the newly merged entity.
In a market that has had a single dominant player in Rightmove for many years, this will create a viable and effective alternative for estate agents and housebuilders across the UK. For consumers, the combination will provide significantly greater coverage of property listings and enhanced features to help make better-informed decisions in the UK residential property market.
The parties have informed the Office of Fair Trading of their intention to merge these companies.
Martin Morgan, Chief Executive of DMGT said: "This merger will create a genuine opportunity to challenge the dominant market leader in the online property sector. We believe that the combination of our respective digital property assets will benefit both consumers and clients."
Investor/ analyst enquiries:
Stephen Daintith, Finance Director, DMGT 020 7938 6631
Media enquiries:
Susanna Voyle/James Macey White, Tulchan Communications 020 7353 4200
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594
For public release at 10.30am on 14 October, 2011
XLONRelated Shares:
DMGT.L