Mortgage Brain has decided not to progress with the acquisition of TrigoldCrystal after the Office of Fair Trading referred the deal to the Competition Commission.
The OFT announced last week that it had referred the proposed acquisition to the Competition Commission, which was to carry out a further investigation and report by September 1. The OFT had concerns over competition and innovation in the sector as a result of the deal.
The deal, which was worth up to £9.9m, was announced in December.
Mortgage Brain chief executive Mark Lofthouse (pictured) says: “The acquisition of TrigoldCrystal would have brought massive benefits for the provision of technology to the intermediary mortgage market. However, we do not feel it is in the best interests of everyone involved to progress.
“Referral cases like these are designed for large companies and we feel our time and resources will be better served continuing to invest in delivering the best products and services to intermediaries.”