LOVOO sold for $70M in cash

Meet Group to acquire social dating app LOVOO for $70M in cash

Meet Group to acquire social dating app LOVOO for $70M in cash. See Stockwinners.com for details

The Meet Group (MEET) announced it has executed a definitive agreement to acquire LOVOO, a social dating app, for $70M in cash, inclusive of a $5M contingent earn-out.

This acquisition furthers The Meet Group’s strategy to innovate, acquire, and build the largest mobile portfolio of brands for meeting new people.

The LOVOO acquisition is expected to expand The Meet Group’s global footprint, increase the company’s scale and profitability, and diversify its business model by adding expertise in subscription and in-app purchasing.

The acquisition is expected to be accretive to the company’s non-GAAP EPS in 2018 and beyond.

The company expects that LOVOO will remain a separate brand and standalone mobile application following the closing of the acquisition, and that LOVOO’s headquarters will remain in Dresden, Germany.

The Company has extended offers to all of LOVOO’s 97 full time employees.

LOVOO’s Co-Founder and CEO Benjamin Bak has agreed to assist with the transition for six months after closing.

Effective upon closing, Florian Braunschweig, current COO and Co-Founder, has agreed to take over leadership of LOVOO as the new General Manager and Managing Director. The rest of the LOVOO management team is expected to remain in place.


STOCKWINNERS

To read timely stories similar to this, along with money making trade ideas, sign up for a membership to Stockwinners

This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

Leave a Reply

Your email address will not be published. Required fields are marked *