Momo Closes Acquisition of Dating App Tantan
Momo has announced that it has successfully closed on its acquisition of Tantan Limited.
Momo had reached a definitive agreement to acquire 100% of the social and dating app in February.
In a press release, Momo stated: “Momo agreed to acquire 100% fully diluted equity stake in Tantan for a combination of share consideration and cash, including approximately 5.3 million newly issued Class A ordinary shares of the Company and US$600.9 million in cash.”
Mr. Yu Wang, Chairman and CEO of Tantan, added, “Momo and Tantan have their own strengths in their respective markets and among targeted customers.
“The acquisition is a critical strategic upgrade to cover a greater range of user demographics and needs, and build up a larger social networking market through complementary businesses and strategic synergy.
“We are very confident in our future development.”
Tantan will now continue to operate its mobile apps under its own brand name.
Match Group recently announced in its Q1 earnings report that it has settled the intellectual property case it raised against TanTan earlier this year.
Little information was released about the case, but TanTan will need to redesign its US app and pay ongoing royalties as part of the settlement.
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