16th Apr 2012 15:55
16 April, 2012 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 the Office of Fair Trading (OFT) has today given clearance for the proposed merger between the Digital Property Group and Zoopla 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 and CEO of Zoopla 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."
Martin Morgan, Chief Executive of DMGT said: "We are delighted that the merger has been approved. We now have the opportunity to challenge the market leader in the online property sector, to the benefit of both consumers and clients".
Investor/ analyst enquiries:
Stephen Daintith, Finance Director, DMGT +44 20 3615 2902
Media enquiries:
Kim Fletcher / Will Carnwath, Brunswick Group LLP +44 20 7404 5959
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
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