KUALA LUMPUR (Reuters) - Malaysia’s MOL Global Pte Ltd will acquire U.S. social networking site Friendster, the Malaysian online payments provider said in a statement on Thursday.
“The merger with Friendster will continue to transform the social networking industry, combining a highly intuitive and successful social media site and online marketing channel with an integrated payment platform and content network which includes games, goods, gifts, music and video,” Ganesh Kumar Bangah, president and chief executive officer of MOL said in a statement.
MOL did not say how much it would pay for Friendster, one of the world’s earliest social networking sites, but a source told Reuters last week that it would be sold for at least $100 million.
Friendster holds five U.S. patents related to social networking according to the United States Patents and Trademarks Office.
Reporting by Soo Ai Peng; Editing by David Chance