Toronto-based Dye & Durham plans to sell 2021 acquisition TM Group after the United Kingdom’s competition regulator ordered the sale due to competition concerns.
The UK’s Competition and Markets Authority (CMA) said the software company’s July 2021 acquisition would “substantially” 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’s decision to order the sale of TM Group.
Dye & Durham says it will initiate the process to sell TM Group soon.
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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The Canadian Press