The deal is being led by The Daily Mail and General Trust, which owns The Daily Mail newspaper. The move is said by the companies to challenge the market dominance of Rightmove.com, which has a reported 80 per cent UK market share.
Alex Chesterman, founder and chief executive officer of Zoopla, comments: ‘The deal will be transformational for both businesses allowing us to compete effectively in a market where it takes significant investment to challenge the current market leader.’
Chief executive officer of Digital Property Group, Mark Milner, says the focus will remain providing ‘market-leading products’ for its users, with the ‘combined strengths’ of the newly merged companies allowing for this.
Round-up of today’s M&A deals:
- Noble Systems acquires workforce management software business Open Wave
- Citrix continues with cloud data strategy with purchase of ShareFile