By Purplebricks Group have agreed that its rival, Strike Ltd, will acquire its business and assets for a £1 token payment.
The deal has seen Purplebricks stock drop significantly since it was announced.
When details of a deal were bubbling earlier last week, Strike, at the time had stated that it wasn’t interested in making an offer.
Sir Charles Dunstone, Partner at Strike’s joint major shareholder Freston Ventures, comments:
“We remain committed to the online estate agency model, which offers customers a much better experience at a far lower cost.
This is a positive outcome for anyone looking to sell their home and save money doing so.
Purplebricks has dramatically changed the industry by driving down the cost of estate agency and we aim to combine its significant brand recognition with an even more disruptive business model.
In bringing together the two brands, we will supercharge Strike’s mission to democratise house selling by empowering customers to have more control over a process that has barely changed for 200 years.
At Freston Ventures we are focused on building household brands that are trusted by consumers across the UK.
We believe there is a better way to sell your house and through this deal, we are developing the market-leading brand to deliver it.”
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