Zoopla And DPG Merge
The Digital Property Group Ltd (DPG) and Zoopla Ltd have just announced that they have agreed to merge their respective businesses, creating what they describe as “a credible challenger to long-standing market leader, Rightmove”.
A&N Media, the consumer media division of DMGT, which owns DPG, will retain a 55% interest in the newly merged entity.
Martin Morgan, Chief Executive of DMGT said: "This merger will create a genuine opportunity to challenge the dominant market leader in the online property sector. We believe that the combination of our respective digital property assets will benefit both consumers and clients."
Who goes where and how it will work is not yet clear, whether all the brands will continue is also under wraps but both firms are evenly matched in their reach although while DPG has three brands already under its umbrella, Findaproperty.com, Primelocation.com and Globrix.com, Zoopla is a single brand.
Alex Chesterman Founder and CEO of Zoopla said, “This 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. But more importantly, the deal will deliver real value for UK estate agents and developers and we will be in a position to provide them with the widest possible exposure and be their most cost-efficient marketing partner."
Mark Milner, CEO of the Digital Property Group said, “The combined strengths of both businesses will result in world class products and a team that continues to lead innovation for property consumers and agents alike. The focus will remain on providing market-leading products for our users, and an excellent service in terms of value and performance for our members, and this deal will allow us to deliver even further on that mission.”
The release says that the merger is set to be a “big win for estate agents and housebuilders across the UK, creating a clear alternative in a market that has had a single dominant player for a number of years. The combined business will be in a position to offer a superior value proposition and wider exposure and is expected to result in an audience to rival Rightmove, delivering at least as many enquiries to its members”.
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