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4 months ago
BRIEF-Spark Networks announces merger with EliteSingles owner
May 2, 2017 / 10:06 PM / 4 months ago

BRIEF-Spark Networks announces merger with EliteSingles owner

May 2 (Reuters) - Spark Networks Inc

* Spark Networks and Affinitas GmbH have entered into a definitive agreement to combine in a stock-for-stock merger - SEC filing

* On projected 2018 basis, combined co expected to generate between $118 - $122 million in revenue, between $18 - $22 million in adjusted ebitda

* EliteSingles shareholders will own approximately 75% of combined company and spark shareholders will own approximately 25%

* New public entity is expected to be listed on nyse market exchange through an american depositary receipt

* Transaction has been approved by spark's board of directors

* Combined company will be organized as a european company

* Combined company will be named spark networks se and will be headquartered in Berlin, Germany

* Jeronimo Folgueira, CEO, EliteSingles, will serve as CEO and Robert O'Hare, Spark's CFO, will continue in that role with combined co

* Michael Schrezenmaier, managing director of EliteSingles, will become chief operating officer of combined co Source text for Eikon: Further company coverage: (Reporting by Debanjan Bose)

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