Rightmove slumps as U.S.'s Costar buys UK rival Onthemarket

OnTheMarket

19/10/2023 08:25

MILAN, Oct 19 (Reuters) - Shares in British property
portal Rightmove  RMV.L  fell as much as 14% on Thursday on
concerns over stronger competition after U.S. real estate firm
Costar  CSGP.O  agreed to buy Rightmove's smaller domestic rival
Onthemarket  OTMPO.L . 
    The deal also makes unlikely that Costar could now consider
buying Rightmove, Citi analysts said.
    Rightmove shares were down 12.4% by 0735 GMT in London after
hitting their lowest level since June, giving the company a
market cap of around 4 billion pounds ($4.85 billion).
    Onthemarket shares rose more than 50%.     

($1 = 0.8243 pounds)

 (Reporting by Danilo Masoni; Editing by Amanda Cooper)
 ((Danilo.Masoni@TR.com))