Mobile dating app company The Meet Group (NASDAQ: MEET) of New Hope announced Thursday that it will be acquired by NuCom, a joint venture of German mass media company ProSiebenSat.1 and private equity firm General Atlantic.
Headquartered in New Hope’s Union Square where it employs more than 100, The Meet Group’s dating brands MeetMe, Growlr, Skout, Tagged, and LOVOO will be combined with NuCom’s eharmony, Parship and Elite Partner.
The all-cash transaction of $6.30 per fully diluted share represents an enterprise value of approximately $500 million, a 30% and 43% premium to the volume weighted average price of The Meet Group’s common stock through Dec. 13, 2019.
Meet Group CEO Geoff Cook
“We are excited about this transaction and the significant benefits resulting from a combination with Parship Group,” said Geoff Cook, Chief Executive Officer of The Meet Group. “This transaction will allow us to tap new strategic growth opportunities by leveraging our video platform and ProSiebenSat.1’s experience with content and entertainment.”
Cook founded The Meet Group in 2005 as MyYearbook.com.
The company will release its fourth quarter 2019 results on March 11, and expects to hold a special meeting of its stockholders to vote on the deal.
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