The transaction is expected to close early in the fourth quarter, and is subject to regulatory approval.
For some background, The Match Group operates a series of dating products such as Match.com, Tinder, OkCupid and Meetic. Also it is the world’s leading provider of dating products. The Match Group offers dating products under nearly 50 brands, translated into nearly 40 languages and available in over 200 countries.
Sam Yagan, CEO of The Match Group, commented on the acquisition:
For over a decade I have followed the consistent growth of PlentyOfFish, first within North America, then globally, and most recently across platforms, as one of the most popular mobile dating products in the world. As more people than ever use more dating apps than ever with more frequency than ever, PlentyOfFish’s addition both brings new members into our family of products and deepens the lifetime relationship we have with our users across our portfolio. I look forward to working closely with Markus and extending the company’s impressive growth trajectory.
Separately, Markus Frind, CEO of PlentyOfFish, said:
We are thrilled to be joining forces with Match. My team and I have grown PlentyOfFish into one of the leaders in our category, and I am confident that Match will help accelerate our growth even further.
So far in 2015, IAC shares have outperformed the market. Year to date, shares are up 37% to current prices but up only 29% in the past 52-weeks.
Shares of IAC were up 2.3% at $84.49 on Tuesday afternoon. The stock has a consensus analyst price target of $83.27 and a 52-week trading range of $56.50 to $84.60.
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