IAC Inc (IAC)

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Said Match Group CEO Shar Dubey, "This is a momentous occasion for Match Group, as we are the largest IAC success story to date. Our team is phenomenal, and we are ready to continue growing our businesses, investing in new bets, and expanding our footprint in new markets. We have a proven track record here, and we look forward to taking it to the next level."

As of today, IAC and Match Group each stand on their own as distinct and thriving companies, both well positioned for future growth and organized to continue building.

Details

Upon close of the transaction, IAC shareholders received one share of "new" IAC common stock and 2.1584 shares of "new" Match Group common stock for each share of IAC common stock held immediately prior to the transaction. In addition, IAC received $838 million of cash representing $3 per share of Match Group common stock previously held by IAC and the aggregate cash consideration not elected by Match Group public shareholders. IAC expects to receive an additional $1.4 billion in proceeds from the sale of shares of New Match common stock, which is expected to close later today.

Pre-transaction shareholders of Match Group (other than IAC) received one share of "new" Match Group common stock plus either (i) $3.00 per share in cash or (ii) 0.0337 of a share of "new" Match Group common stock worth $3.00, based on a Match Group stock price of $88.9466 calculated in accordance with the transaction agreement, for each share of Match Group common stock held immediately prior to the transaction.