IAC and Match Group Announce Agreement to Separate Match Group from IAC-
NEW YORK & DALLAS—December 19, 2019—IAC (NASDAQ: IAC) and Match Group (NASDAQ: MTCH) announced today the entry into a definitive agreement providing for the full separation of Match Group from the remaining businesses of IAC. The agreement has been approved by the Board of Directors of each of IAC and Match Group, and was recommended to the Board of Directors of Match Group by a special committee made up of disinterested directors.
The transaction is expected to close in the second quarter of 2020 and result in IAC and Match Group becoming two independent thriving public companies. The transaction, which is expected to be tax free, will give IAC shareholders direct ownership of Match Group while capitalizing IAC to pursue new opportunities and enabling management to focus on undervalued assets within IAC. As a fully independent company, Match Group will benefit from increased strategic flexibility, enhanced trading liquidity, and the eligibility for index inclusion.
“We’ve long said IAC is the ‘anti-conglomerate’ – we’re not empire builders. We’ve always separated out our businesses as they’ve grown in scale and maturity and soon Match Group, as the seventh spin-off, will join an impressive group of IAC progeny collectively worth $58 billion today,” said Barry Diller, Chairman and Senior Executive of IAC.
Added Joey Levin, CEO of IAC, “Match Group is well on its way to standing completely on its own with a bright future in a big global market, and we’re excited to turn our attention to building the next generation of great companies. This is the fun part.”
“We’ve grown up tremendously over the last 20 years as part of IAC, from an innovator in a nascent category to a global leader in a fast-growing market with millions of users all over the world,” said Mandy Ginsberg, CEO of Match Group. “Match Group is in an incredibly strong position as we enter this transaction and we are ready for the next chapter of the company’s journey.”
Details regarding the forthcoming transaction will be provided in filings by IAC and Match Group with the Securities and Exchange Commission and in a presentation to investors, which is available on the investor relations websites of both IAC and Match Group.
Completion of the transaction is subject to a number of conditions, including approval by a majority of the disinterested shareholders of Match Group, approval of IAC’s shareholders, and other customary conditions and approvals.
Conference Call Details
IAC and Match Group will audiocast a conference call with investors and analysts discussing the transaction on Thursday, December 19 at 8:30AM Eastern Time (ET). The live audiocast is open to the public and can be directly accessed here or by visiting the investor relations websites of IAC or Match Group.
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 10 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially-disciplined opportunism will never change. IAC today operates Vimeo and Dotdash, among many others, and also has majority ownership of both Match Group, which includes Tinder, Match, PlentyOfFish, OkCupid and Hinge, and ANGI Homeservices, which includes HomeAdvisor, Angie’s List and Handy. The Company is headquartered in New York City and has business operations and satellite offices worldwide. Learn more at www.iac.com.
About Match Group
Match Group (NASDAQ: MTCH), through its portfolio companies, is a leading provider of dating products available in over 40 languages to our users all over the world. Our portfolio of brands includes Tinder, Match, PlentyOfFish, Meetic, OkCupid, OurTime, Pairs, and Hinge, as well as a number of other brands, each designed to increase users' likelihood of finding a meaningful connection. Through our portfolio companies and their trusted brands, we provide tailored products to meet the varying preferences of our users.