PRESS RELEASE - Feb 4 - Meetic and Match.com will contribute their respective properties in South America to the new joint venture: Meetic’s Brazilian site, ParPerfeito, and Match.com’s activities in other South and Latin American countries. Match.com and Meetic will each own 50% of the economic interest in the entity, and Match.com will control the new entity’s operations. Match.com will pay Meetic $3M in cash at the closing, which is expected by March 15, 2010. Meetic’s participation is subject to put-and-call rights that can be triggered beginning in the fourth year, whereby Match could purchase Meetic’s stake at fair market value at that time. An additional payment of $1.5M could be triggered at that time. Read the full press release here.
Mark Brooks: Match.com operates in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela. It also owns Netclubencuentro.com, but this website looks to be down now. It was working ~2 months ago when we were researching the South American market. The South American idating market skews a lot younger, and has low registration to paying member conversions. Its still a growth market, a few years behind the USA market growth curve.