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Meet Group To Be Acquired By ProSiebenSat.1, General Atlantic - Quick Facts

Meet Group, Inc. (MEET), a portfolio of mobile dating apps, said Thursday that it has agreed to be acquired by NuCom Group, which is a joint company of German commercial broadcaster ProSiebenSat.1 Media AG's (PBSFF.PK) and private equity firm General Atlantic, in an all cash transaction for $6.30 per share.

The transaction represents an enterprise value of approximately $500 million and was unanimously approved by Meet Group's board of directors.

The purchase price represents a 30 percent premium to the unaffected 30 day volume weighted average price to Meet Group's common stock through December 13, 2019, the last trading day prior to published market speculation regarding a potential transaction involving the company.

Meet Group's freemium dating brands, featuring its video platform technology, will be combined with NuCom's portfolio company Parship Group, which operates premium subscription dating brands including eharmony, Parship and Elite Partner.

The companies expect the transaction to diversify their revenue streams and increase their combined international footprint by broadening the companies' user base.

The transaction, which is expected to close in the second half of 2020, is subject to approval by Meet Group's stockholders.

Meet Group said it expects to hold a special meeting of its stockholders to consider and vote on the transaction as soon as feasible after the mailing of the proxy statement to shareholders.

Meet Group plans to release its fourth-quarter fiscal year 2019 results before market open on March 11, 2020. However, in light of the pending transaction announced today, the company will not hold a corresponding conference call.

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