REG - Competition and Mkts - Merger Update: Barratt/Redrow

RedrowAnnouncement

21/08/2024 08:15

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RNS Number : 1705B  Competition and Markets Authority  21 August 2024

"CMA to consider undertakings offered"

Completed acquisition by Barratt Developments plc of Redrow plc

On 8 August 2024, the CMA decided, on the information currently available to
it, that it is or may be the case that this Merger may be expected to result
in a substantial lessening of competition within a market or markets in the
United Kingdom.

On 15 August 2024, the Parties offered undertakings in lieu of a reference to
the CMA, which relates to Redrow's entire overlapping area in the Kingsbourne,
Nantwich development that has planning consents for the development of 324
homes, subject to a number of commitments: (i) appointing an independent
third-party to sell the unsold houses; (ii) ensuring that unbuilt houses and
unbuilt infrastructure are constructed to Redrow's quality standards and for
construction to be completed in a timely manner; and (iii) providing
aftersales services to all homebuyers to a level meeting or exceeding each of
Redrow's pre-Merger standards.

The CMA considers that there are reasonable grounds for believing that the
undertakings offered by the Parties, or a modified version of them, might be
accepted by the CMA to remedy the substantial lessening of competition
identified by the CMA.

The CMA now has until 18 October 2024 to decide whether to accept the
undertakings, with the possibility to extend this timeframe to 13 December
2024 if it considers there are special reasons for doing so.

The text of this decision will be placed on the Competition and Market
Authority's website at Barratt/Redrow merger inquiry
(https://www.gov.uk/cma-cases/barratt-slash-redrow-merger-inquiry) as soon as
is reasonably practical.

In the event of media enquiries please email Press@cma.gov.uk.

For Publicity:

The full title of the Merger Case: Completed Acquisition by Barratt
Developments plc of Redrow plc

The affected market: building and construction

The merger reference code: ME/7089/24

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