The online platform files application with regulator seeking clearance for the acquisition
Trade Me has moved to acquire a rival real estate listing site, according to the Commerce Commission.
The regulator revealed that Trade Me filed an application seeking clearance to acquire PropertyNZ Limited, which owns and operates the homes.co.nz website.
The regulator said that it will “give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.”
Read more: Trade Me reveals top 20 property listings for 2020
Trade Me owns and operates an online marketplace and classified advertising platform, trademe.co.nz, which includes Trade Me Property, an online platform for listing real estate for sale and rent. Trade Me also provides property information and data through its “Property Insights” microsite, and sells digital advertising services to advertisers, including real estate agents.
Meanwhile, Homes.co.nz is also a platform for listing real estate for sale and provides property information and data. PropertyNZ also sells digital advertising services to advertisers, including real estate agents.
“Homes has a great suite of tools for New Zealanders interested in property that they’ve built up over the last few years,” Alan Clark, head of property at Trade Me, told stuff.co.nz. “As New Zealand’s favourite place for property, Trade Me is always looking for ways to improve and be more useful to Kiwis, so we’re looking forward to Homes being part of Trade Me’s property offering to Kiwis.
