Berlin-based Spark Networks, who owns niche app that is dating like Christian Mingle, Jdate, LDSsingles, Silver Singles, JSwipe yet others, today announced it offers obtained Match.com competitor Zoosk for a combination of stock and cash. The offer values Zoosk at more or less $258 million.
Spark claims it’s going to issue 12,980,000 US Depositary stocks (ADS) to previous Zoosk investors respected at $153 million in line with the closing cost of Spark ADS of $11.78 on June 28, 2019. The offer additionally offers up money consideration of $105 million, susceptible to adjustment, that will be funded by an innovative new $125 million senior credit that is secured, the business states in a launch.
Jeronimo Folgueira (right), CEO of Spark Networks, confirms the purchase with Steven McArthur (left), outgoing CEO of Zoosk, Inc.
After the closing of this merger, Spark has 2,601,037 shares that are ordinary and outstanding underlying 26,010,365 ADS, with previous Zoosk investors collectively purchasing 49.9percent of this combined business.
The Zoosk application, available much more than 80 nations, is a download that is free but fees users who wish to deliver communications and talk to other members, much like Match.
Zoosk has for a very long time struggled to vie against Match Group as well as its top-ranking relationship apps within the U.S., led by Tinder. A couple of years ago, the business let go a 3rd of the staff and also had to call down its IPO, as Tinder decimated its business.