Dye & Durham (UK) Limited / TM Group (UK) Limited merger inquiry
The CMA investigated the completed acquisition by Dye & Durham (UK) Limited of TM Group (UK) Limited.
Phase 2
Administrative timetable
Date of reference: 23 December 2021
Statutory deadline: 16 August 2022
- (18.5.22)
Contact
Case closure summary
10 August 2023: The purchase of TM Group (UK) Limited by Aurelius IV UK Acquico Six Limited was approved by the CMA and completed on 3 August 2023. This brings the merger investigation to a close.
- (10.8.23)
Competition Appeal Tribunal judgment
10 July 2023: The Competition Appeal Tribunal has dismissed all grounds of Dye & Durham’s appeal.
- Judgment (10.7.23)
Amendments/consents granted:
- (10.8.23)
- (23.2.23)
- (5.5.23)
Remedy Group appointed
14 October 2022: The CMA has appointed the Remedy Group.
Richard Feasey (Chair), Anne Fletcher, Ulrike Hotopp and Crispin Wright.
Final undertakings
13 October 2022: The CMA has accepted final undertakings and the reference has now been fully determined.
- (13.10.22)
- (13.10.22)
Notice of proposal to accept final undertakings
20 September 2022: The CMA gives notice of the proposal to accept final undertakings and is inviting comments on the proposed draft undertakings by 5pm on 4 October 2022.
- (20.9.22)
- (20.9.22)
Final report
3 August 2022: The CMA has published its final report.
- (3.8.22)
- (3.8.22)
- (3.8.22)
- Press release: CMA requires Dye & Durham to sell TM Group (3.8.22)
Responses to provisional findings and possible remedies
- (13.7.22)
- (1.7.22)
- (1.7.22)
- (27.6.22)
- (27.6.22)
- (27.6.22)
- (27.6.22)
Notice of extension of statutory period
- (18.5.22)
Provisional findings
18 May 2022: The CMA has provisionally found competition concerns as part of its in-depth investigation of the completed acquisition by Dye & Durham (UK) Limited of TM Group (UK) Limited.
The deadline for submitting responses to the provisional findings is 5pm on Wednesday 8 June 2022.
The deadline for submitting responses to the notice of possible remedies is 5pm on Wednesday 1 June 2022
- (18.5.22)
- (18.5.22)
- (18.5.22)
- (18.5.22)
- (18.5.22)
- (18.5.22)
- Press release: Property search services merger could mean homebuyers pay more
Directions to appoint a monitoring trustee
21 February 2022: On 19 January 2022, pursuant to an initial enforcement order dated 27 August 2021 (as varied by the variation order dated 30 September 2021), the CMA directed Dye & Durham and TM Group to appoint a monitoring trustee.
- (21.2.22)
Notice of extension of inquiry period
- (21.2.22)
- (21.2.22)
- (8.2.22)
- (8.2.22)
CMA disclosures
- (21.1.22)
Issues statement
21 January 2022: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, Friday 4 February 2022.
- (21.1.22)
- (28.3.22)
Inquiry group appointed
23 December 2021: The CMA has appointed the inquiry group.
Richard Feasey (Chair), Anne Fletcher, Crispin Wright, and Ulrike Hotopp.
Terms of reference
23 December 2021: The CMA has referred the completed acquisition by Dye & Durham Limited, through its subsidiary Dye & Durham (UK) Limited, of TM Group (UK) Limited for an in-depth investigation.
- (23.12.21)
Phase 1
Statutory timetable
| Phase 1 | Action |
|---|---|
| 9 December 2021 | Decision announced |
| 4 October 2021 to 18 October 2021 | Invitation to comment |
| 14 October 2021 | Launch of merger inquiry |
| 27 August 2021 | Initial enforcement order |
Reference decision
23 December 2021: The CMA has referred the completed acquisition by Dye & Durham Limited, through its subsidiary Dye & Durham (UK) Limited, of TM Group (UK) Limited for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- (1.3.22)
Reference unless undertakings accepted
9 December 2021: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth investigation unless Dye & Durham offers acceptable undertakings to address these competition concerns.
- (1.3.22)
- (9.12.21)
- Press release: CMA finds Dye & Durham’s purchase of TM Group could reduce competition (9.12.21)
Launch of merger inquiry
14 October 2021: The CMA announced the launch of its merger inquiry under the Enterprise Act 2002 by notice to the parties.
- (14.10.21)
Invitation to comment: closed
4 October 2021: The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
These comments should be provided by the deadline set out above.
Initial enforcement order
27 August 2021: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the completed acquisition by Dye & Durham (UK) Limited of TM Group (UK) Limited.
- (4.10.21)
- (1.9.21)
Amendments/consents granted
- (28.9.22)
- (15.8.22)
- (26.7.22)
- (15.7.22)
- (13.7.22)
- (27.6.22)
- (23.5.22)
- (12.5.22)
- (29.4.22)
- (28.3.22)
- (28.3.22)
- (4.3.22)
- (4.3.22)
- (4.3.22)
- (21.2.22)
- (3.2.22)
- (3.2.22)
- (21.1.22)
- (21.1.22)
- (23.12.21)
- (9.12.21)
- (9.12.21)
- (9.12.21)
- (9.12.21)
- (8.11.21)
- (8.11.21)
Updates to this page
Last updated 10 August 2023 + show all updates
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Case closure summary and derogation letter published.
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Update published following the Competition Appeal Tribunal's dismissal of all grounds of Dye & Durham’s appeal.
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Directions to extend the divestiture period published.
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Directions extending the divestiture period added to the page.
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Remedy Group appointed.
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Notice to accept final undertakings and final undertakings published.
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Derogation published.
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Notice of proposal to accept final undertakings published.
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Derogation published.
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Final report and appendices published.
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Summary of final report published.
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Derogation published.
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Derogation published.
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The Parties’ supplementary response to the provisional findings and derogation published.
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Further responses to the notice of possible remedies published.
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Responses to the provisional findings and possible remedies and derogation letter published.
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The Parties response to the notice of possible remedies published.
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Derogation added.
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Provisional findings, appendices and glossary published.
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Summary of provisional findings, notice of extension, notice of provisional findings, notice of potential remedies, DJS customer survey report and revised administrative timetable published.
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Derogation published.
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Derogation published.
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Parties' response to issues statement and derogations published.
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Administrative timetable revised and derogations published.
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Phase 1 full text decision and decision to refer to phase 2 published.
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Notices of termination, derogation and directions to appoint a monitoring trustee published.
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Notices of extension of inquiry period published.
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Derogations published.
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Issues statement, administrative timetable, disclosure of interest and derogations published.
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Reference decision to in-depth investigation announced, terms of reference published, and inquiry group appointed.
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Phase 1 decision announced.
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2 derogations published to the page.
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Commencement notice published.
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Variation to the Initial Enforcement Order published.
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First published.