TopCashback/ Quido referred to Phase 2

The Competition and Markets Authority has referred the proposed acquisition by Top Online Partners Group Limited (TopCashback) of Maple Syrup Group Limited (Quidco) to an in-depth investigation.

The 16 January referral follows the CMA’s 7 January announcement that it would refer the acquisition to a Phase 2 investigation unless suitable undertakings were offered.

TopCashback and Quidco are the UK’s largest cashback websites.  The CMA’s Phase 1 investigation has found that the companies face limited competition from alternatives including comparison sites and voucher sites.  The CMA has concerns that the merged company could increase advertising prices to business and reduce the amount of cashback offered to consumers.  The deadline for the CMA to issue its final report on the Phase 2 investigation is 2 July 2019.