OFT to investigate Mortgage Brain’s acquisition of MortgageStream
The Office of Fair Trading is to look at the anticipated acquisition by Mortgage Brain of MortgageStream.
In December, Mortgage Brain announced that it had agreed the terms to acquire point-of-sale and case management system provider MortgageStream.
The OFT is considering whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation under the Enterprise Act 2002 and, if so, whether that might result in a substantial lessening of competition.
It expects to complete its findings by March 20 2012.
In March 2011 the OFT referred Mortgage Brain’s planned acquisition of TrigoldCrystal to the Competition Commission.
It claimed the merger would have deterred competition in the market and was worried the move would have led to less innovation and a lower quality of service to customers.