The California Department of Business Oversight has this week issued a permit to Spark Networks, paving the way for the online dating umbrella to complete its acquisition of Zoosk.
The deal, worth $255 million, gathered momentum earlier this month when shareholders voted 99.9% in favour of making capital available.
Zoosk will join international brands including Jdate, Christian Mingle and Attractive World in the Berlin-based firm’s portfolio.
Jeronimo Folgueira, CEO of Spark, said: “Within the limits of applicable law, we have been working with Zoosk for the past months to validate synergy opportunities via expense reductions and marketing efficiencies, while exploring the opportunity to quickly launch new products and further expand our platform’s reach in 2020 and beyond. Both companies are eager to put the planning into action.
“We feel very confident about our 2020 Adjusted EBITDA target of over $50 million given the preparation that has been done to date, which we believe will deliver substantial shareholder value.”
Steven McArthur, CEO of Zoosk, added: ”With Spark’s focus on cost efficiency, a stable scalable platform, and a unified management and strategy, Spark has an exciting period ahead to deliver shareholder value.”
Rob O’Hare, CFO of Spark Networks, and GDI Power Book alumnus Herbert Sablotny have both been spotlighted to aid the integration effort in the coming months. Spark will also work with software development agency Yopeso on the technology front.
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