Meet Group To Acquire German-based Dating App LOVOO - Quick Facts

(RTTNews) - The Meet Group, Inc. (MEET) announced a definitive agreement to acquire Germany-based LOVOO, a social dating app, for $70 million in cash, inclusive of a $5 million contingent earn-out. The company expects this acquisition to close in October 2017.

LOVOO, which has 97 full-time employees in Dresden and Berlin, to remain a separate brand and standalone mobile application following the closing of this acquisition and its headquarters to remain in Dresden, Germany.

Meet Group expects this deal to provide significantly increased scale in user base and revenues and to be accretive to its non-GAAP earnings per share in 2018 and beyond. Meet Group expects this acquisition to increase its audience to more than 15 million Mobile Monthly Active Users.

LOVOO's Co-Founder and CEO Benjamin Bak has agreed to assist with the transition for six months after closing. Effective upon closing, Florian Braunschweig, current COO and Co-Founder, has agreed to take over leadership of LOVOO as the new General Manager and Managing Director. The rest of the LOVOO management team is expected to remain in place.