Britain’s competition regulator said on Wednesday that Canadian cloud-based software firm Dye & Durham should sell UK-based TM Group after its investigation identified competition concerns.
The Competition and Markets Authority (CMA) said following an in-depth investigation it found Dye & Durham’s acquisition of TM Group reduces competition in the supply of property search services in England and Wales.
“TM Group respects the decision made and will continue to fully cooperate with the CMA as we work with both them and Dye & Durham to identify a long-term investor,” TM Group said in an emailed statement to Reuters.
In a separate statement Dye & Durham said it is evaluating the CMA’s final report in detail and will consider its options and next steps.
“Dye & Durham strongly disagrees with the CMA’s decision and continues to believe that the acquisition of TMG would be beneficial for the search report market and its customers,” Dye & Durham added.
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