IAC, Match Group complete business separation

Jul. 01, 2020 9:42 AM ETIAC Inc. (IAC), MTCHIAC, MTCHBy: Jason Aycock, SA News Editor22 Comments
  • IAC/InterActiveCorp (NASDAQ:IAC) and Match Group (NASDAQ:MTCH) have completed their full separation.
  • That means today, "new" IAC will trade under the IAC symbol, and "new" Match Group under its MTCH symbol.
  • Match Group's dual-class voting structure has been eliminated, and the interest in Match Group that used to be held by IAC is now held directly by IAC shareholders.
  • Specifically, IAC shareholders received one share of "new" IAC common stock and 2.1584 shares of "new" Match Group for each share of IAC common stock held. And IAC received $838M of cash, representing $3/share of Match Group stock previously held. IAC expects to receive an additional $1.4B from the sale of shares of New Match, set to close later today.
  • Pre-transaction non-IAC shareholders in Match Group received one share of new Match plus either $3/share in cash or 0.0337 of a share in new Match (worth about $3) for each share of Match Group common stock held prior.
  • At a $30B market cap, Match Group is the largest business separated from IAC in its history. "This is just the largest transaction at the core of our strategy throughout these 25 years," IAC Chairman Barry Diller says. "Be opportunistic, be balance sheet conservative, build up enterprises and when they deserve independence let them have it. Be a conglomerate and an anti-conglomerate, a business model that has been unique to us."

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