PlentyofFish Purchased by The Match Group for $575 Million

The Match Group, a subsidiary of IAC (NASDAQ:IAC), announced that it has entered an agreement to purchase the dating website PlentyofFish (POF) for $575 million in cash. POF will join other The Match Group digital dating platforms, including Tinder, Match, and OkCupid.
According to the press release:

The transaction is expected to close early in the fourth quarter and is subject to the receipt of the approval from the Minister of Industry pursuant to the Investment Canada Act.

 
CEO of The Match Group, Sam Yagan, says:

For over a decade I have followed the consistent growth of PlentyOfFish, first within North America, then globally, and most recently across platforms, as one of the most popular mobile dating products in the world. As more people than ever use more dating apps than ever with more frequency than ever, PlentyOfFish’s addition both brings new members into our family of products and deepens the lifetime relationship we have with our users across our portfolio.

POF CEO Markus Frind comments:

We are thrilled to be joining forces with Match. My team and I have grown PlentyOfFish into one of the leaders in our category, and I am confident that Match will help accelerate our growth even further.

Click here to read the full press release from IAC.