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OFT to complete Iress/Avelo review next month

The Office of Fair Trading’s review of the £210m acquisition of Avelo by Iress is expected to complete next month.

The OFT last week issued undertakings agreed with Iress for the continuation of the business between now and its target date for completion of the review of 18 February.

Under these conditions, Iress must ensure no material changes are made to key staff and that the branding of mortgage sourcing system Avelo Trigold remains separate from that of Iress.

The review, announced in November, is assessing the impact of the deal on market competition.

In an announcement to the Australian stock exchange last week, Iress said: “The agreement of undertakings is a standard procedure for the OFT and is not an indicator of itself as to whether there are any substantive competition concerns.

“Iress maintains the view that the acquisition does not give rise to any substantive competition concerns and is continuing discussions with the OFT in this regard.

“As part of the OFT review process, Iress has agreed undertakings regarding the conduct of its UK businesses which allow for their continuation on a ‘business as usual’ basis. Iress does not envisage that these undertakings will have any material operational or financial impact on the businesses.”

The acquisition was completed in September

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