Dye & Durham says it is considering its options after the United Kingdom’s competition regulator said the company must sell a 2021 acquisition due to competition concerns.
The Competition and Markets Authority (CMA) says the acquisition of TM Group, which closed in July 2021, will “substantially” lessen competition in property search reports in both England and Wales.
The CMA had previously expressed concerns about the deal and launched an investigation last October.
Toronto-based Dye & Durham has responded saying it “strongly disagrees” with the CMA’s decision and continues to believe that the acquisition of TM Group would be “beneficial” for the search report market and its customers.
The cloud-based software company for legal and business professionals says it will carefully consider its options, including a potential appeal of the decision.
It will also take other factors into account, including the minimal revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) that would be generated by the TM Group compared to its other global businesses, as well as its other priorities like the Link Group transaction.
This report by The Canadian Press was first published Aug. 3, 2022.
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