Zoopla / Digital Property Group merger cleared by OFT
16th April 2012
The Office of Fair Trading (OFT) has today given clearance for the proposed merger between Digital Property Group Ltd and Zoopla Ltd 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 & CEO of Zoopla.co.uk 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.”
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Notes to editors
Zoopla.co.uk is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.
At Zoopla.co.uk we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla.co.uk has rapidly become the UK's leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.
Launched in 2008, Zoopla.co.uk has since been one of the fastest growing websites in the UK, now attracting over 20 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).
Zoopla.co.uk is part of Zoopla Property Group Plc, a privately held company whose shareholders include dmg media (a division of DMGT), leading venture capital firms Atlas Venture and Octopus Ventures and a handful of well-respected angel investors. The company has a highly-experienced management team, led by Founder & CEO, Alex Chesterman.
Zoopla Property Group Plc, Harlequin Building, 65 Southwark Street, London SE1 0HR
Registered in England and Wales with Company No. 6074771
VAT Registration number: 918 8081 01
Data Protection number: Z9972266
About Digital Property Group
Digital Property Group is a subsidiary of A&N Media Ltd, and operates property websites Primelocation.com and FindaProperty.com.
Primelocation.com (www.primelocation.com) serves the leading estate agency firms across the UK, including the major national agencies Countrywide, Savills, Knight Frank, Hamptons International, Chesterton Humberts, Strutt & Parker, Cluttons, Carter Jonas, as well as many other London and regional firms.
FindaProperty.com (www.findaproperty.com) offers a comprehensive search facility for house-hunters looking to buy or rent a home. In 2011, FindaProperty.com won Property Portal of the Year in the LSL awards. The site includes independent editorial on the housing market, as well as guides on different aspects of the buying, selling and renting processes, and area profiles including information on council tax rates, school tables and crime rates. Findaproperty.com lists close to 1 million properties for sale or rent from over 12,600 agent branches.