UK's Rightmove falls 14% as US firm CoStar buys domestic rival

OnTheMarket

19/10/2023 09:40

** Shares of British property portal Rightmove Plc  RMV.L 
fall as much as 14.2% to 493.8p, their lowest since June 23
    ** Stock among top pct losers on FTSE 100  .FTSE  index
    ** Shares fall 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 
    ** Russ Mould of AJ Bell says CoStar was likely to use
OnTheMarket as a launchpad for a move into the UK market,
potentially leave Rightmove facing a new, more formidable
competitor
    ** Citi analysts say deal also makes unlikely that CoStar
could now consider buying Rightmove
    ** OnTheMarket surges more than 52% to 107.5p

 (Reporting by Aby Jose Koilparambil and Prerna Bedi in
Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))