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Dye & Durham completes sale of TM Group to Aurelius
TORONTO – Dye & Durham Ltd. says it has completed the sale of its TM Group business to alternative investment firm Aurelius in an agreement worth up to 91 million pounds.
The previously announced sale came after a British competition regulator took issue with the software company’s acquisition of the business in 2021.
The company announced the acquisition of TM Group (UK) Ltd. in July 2021 in a deal worth about 91.5 million pounds.
However, the United Kingdom’s Competition and Markets Authority (CMA) ordered the sale of the acquisition after it found it would “substantially” lessen competition in property search reports in England and Wales.
Dye & Durham previously said it plans to use the net proceeds it receives at closing to reduce debt.
In a previous release announcing the deal, CEO Matthew Proud said Dye & Durham plans to seek new merger and acquisition opportunities in the United Kingdom to continue to grow its business.
This report by The Canadian Press was first published Aug. 10, 2023.
Companies in this story: (TSX:DND)
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