Toronto-based Dye & Durham plans to sell 2021 acquisition TM Group after the United Kingdom鈥檚 competition regulator ordered the sale due to competition concerns.聽
The UK鈥檚 Competition and Markets Authority (CMA) said the software company鈥檚 July 2021 acquisition would 鈥渟ubstantially鈥� lessen competition in property search reports in England and Wales.
The CMA launched its investigation last October.
Dye & Durham has previously said it strongly disagrees with the CMA鈥檚 decision to order the sale of TM Group.聽
Dye & Durham says it will initiate the process to sell TM Group soon.聽
CEO Matthew Proud said in a press release that TM Group is profitable and well-run, and the company is confident it will thrive in the hands of a new owner.
This report by The Canadian Press was first published Oct. 13, 2022.
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