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Meetic and Match.com Announce European Partnership
Meetic to Acquire Match.com's European Operations from IAC; Match.com to Take 27% Stake in Meetic
NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- IAC and Meetic, a leading European online dating company based in France, announced today that they have entered into an agreement for Meetic to acquire Match.com's European operations from IAC.
IAC will sell 100% of the stock of the entity that houses Match.com's European operations for an approximate 27% stake in Meetic, plus a 5 million euro note. Additional terms of the transaction are not being disclosed.
Match.com and Meetic are two of the largest online dating services in Europe, and the partnership will result in one clear pan-European leader. Match.com is licensing the Match.com brand for its European operations to Meetic, and Meetic will optimize the two brands on a market-by-market basis. Match.com's European operations include Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
Match Europe contributes approximately 13% of Match's consolidated Operating Income Before Amortization. IAC expects annual run rate synergies to be at least 15 million Euros, though it will take a significant transition period before Meetic is able to fully realize them.
"The partnership represents a great opportunity to unite two established leaders in the field to serve a growing population of online daters in Europe," said Barry Diller, Chairman and CEO of IAC. "The acquisition will create significant synergies, and we believe Marc Simoncini and his team are ideally suited to realize those synergies over the coming years and drive significant shareholder value."
"Match.com is a well-established brand with an outstanding value proposition for consumers," said Marc Simoncini, Founder and CEO of Meetic. "Their European offerings complement Meetic's existing operations, and should provide substantial profit growth opportunities through marketing and operating savings and increased revenue opportunities."
Thomas Enraght-Moony, CEO of Match.com, said, "This partnership creates tremendous value for both customers and shareholders and is a testament to the dedicated team that built Match.com in Europe. We look forward to the growth of the newly combined business in the years to come."
Dallas-based Match.com currently operates in 40 countries, and after the sale of the European operations to Meetic, Match.com will continue to operate all domestic and remaining international operations, spanning 24 countries, 8 languages and five continents. These operations include Argentina, Australia, Brazil, Canada, Chile, China, Colombia, India, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Pakistan, Peru, Philippines, Singapore, South Africa, Taiwan, Thailand, the United States, Venezuela and Vietnam.
IAC operates more than 35 leading and diversified Internet businesses across 40 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
MEETIC manages ten services (Meetic, Meetic Mobile, Meetic Affinity, Lexa, ParPerfeito, DatingDirect, Neu.de, Cleargay, Partner.de and Lexamore) and markets two highly complementary economic models on the dating market, one based on internet use, the other on mobile phones. MEETIC is established in 15 European countries, as well as in Latin America, and is available in 12 languages. From inception, the group has pursued a clear leadership strategy focusing on quality, innovative marketing and perfect technological expertise. MEETIC works hard to optimise service quality and to satisfy every possible expectation of its European subscribers. In 2007, MEETIC posted sales of 113.8 million euros and net profit of 14.2 million euros.
Match.com pioneered online personals when it launched on the Web in 1995 and continues to lead this exciting and evolving category after more than a decade. Throughout its 13-year history, Match.com has helped redefine the way people meet and fall in love. Match.com provides a rich tapestry of ethnicities, interests, goals, ambitions, quirks, looks and personalities from which to choose. Following the sale of Match.com Europe to Meetic, Match.com will operate leading subscription-based online dating sites in 24 countries, in 8 languages and spanning five continents, as well as oversee its ongoing investment in Meetic. Match.com also powers online dating on MSN across Europe, Asia, Australia, the United States and Latin America and is the premier online dating provider for Terra throughout Latin America. Additionally, Match.com powers online dating personals for Love@AOL. Match.com is an operating business of IAC .
Contacts: IAC Investor Relations: IAC Corporate Communications: Eoin Ryan Stacy Simpson / Leslie Cafferty (212) 314-7432 (212) 314-7470 / 7326 Match.com: Amy Canaday 214-576-9416
Web site: http://iac.com/