Dating company america
BERLIN, Germany and SAN FRANCISCO, CA– March 21, 2019 – Spark Networks SE (NYSE American: LOV), a leading global dating company, today announced its entry into a definitive agreement to acquire Zoosk, Inc.The combination will drive a meaningful increase in Spark’s scale, with over one million monthly paying subscribers across the two platforms.“Similarly, North America has been a key strategic market for Spark, and the focal point for our growth initiatives.Our deal with Zoosk creates the second largest online dating platform in North America and the second largest publicly-listed dating company in the world.Our acquisition of Zoosk is the most transformative deal in our history, and we expect the transaction to immediately strengthen our position in the online dating market.
Spark is focused on completing the post-close merger integration work as efficiently as possible, and we believe our efforts will result in at least million of Adjusted EBITDA in 2020. is acting as exclusive financial advisor to Zoosk on the proposed transaction and Fenwick & West LLP serves as legal counsel to Zoosk. Governance and Structure The existing Spark Networks SE executive team will manage the combined company.
We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
Such forward-looking statements include, but are not limited to, statements using forward-looking terminology such as “will” and “expect;” statements about the benefits of the business combination to the existing brand portfolio and our positioning in the online dating market; statements about the ability to drive superior growth, achieve cost savings, increase margin expansion and improve scale; statements about the transaction providing a clear path to profitability improvements and significantly increasing our ability to invest in innovation and growth initiatives to drive shareholder value; statements about value of the combined company exceeding the value of Zoosk and Spark as stand-alone entities; statements about the strength of Zoosk’s dating app; statements about the ability to leverage strengths of each company to provide exceptional user experience and drive shareholder value; statements about the expected size of the combined company; statements about the projected financial results of the combined company for 2020 and beyond; statements about the combined company’s subscribers and revenue; statements about the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts.
Additionally, Zoosk shareholders will receive net cash consideration of million at closing and million via a deferred cash payment in December 2020, which will be funded through a new 0 million senior secured debt facility.
The transaction is expected to close early in the third quarter of 2019, subject to the approval of Spark Networks SE shareholders, receipt of a permit authorizing the issuance of the ADSs, and the satisfaction of other customary closing conditions.