ProSiebenSat.1 and General Atlantic Agree to Acquire The Meet Group

The Meet Group announced today that it has entered a definitive agreement to be acquired by NuCom Group, the joint company between European mass media organisation ProSiebenSat.1 and private equity firm General Atlantic.

NuCom Group owns portfolio company Parship Group which looks after the online dating brands Parship, Elite Partner and eharmony.

The enterprise value of the deal is estimated to be worth approximately $500 million, and all shareholders will receive $6.30 per fully diluted share that they own. It is expected to be closed in the second half of 2020, subject to approval by stockholders.

The Meet Group’s Board of Directors have already unanimously voted in favour of the deal.

Geoff Cook, CEO of The Meet Group, said in a statement: “We are excited about this transaction and the significant benefits resulting from a combination with Parship 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. 

“What’s more, with this transaction and the participation of both General Atlantic and ProSiebenSat.1, we will achieve a new level of financial scale and backing, which has the potential to further accelerate our growth.”

After the news was announced, The Meet Group’s stock price jumped by approximately 20% and peaked at $6.87, it’s highest point since August 2016.

It is due to publish the Q4 and Full-Year financial results on the 11th March, but has cancelled the corresponding conference call because of the pending transaction.

ProSiebenSat.1’s CEO Max Conze added: “The acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. It will significantly advance our ambition to create one of the leading global players in online dating and interactive live video. 

“We believe the combination of these two successful and complementary businesses will also create synergies within the ProSiebenSat.1 universe and accelerate the growth of our market share in the German live video apps sector.”

Parship completed the acquisition of eharmony in 2018, in a deal that was believed to be worth $85 million.

Visit The Meet Group’s website here.

Dominic Whitlock

Dominic is the Editor for Global Dating Insights. Originally from Devon, England he achieved a BA in English Language & Linguistics from The University of Reading. He enjoys a variety of sports and has a further passion for film and music.

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