Eharmony Parent Acquires Competing Dating App Company The Meet Group

Dating app site The Meet Group (NASDAQ: MEET) announced it agreed to be acquired for $500 million by NuCom Group, a joint venture between German broadcasting company ProSiebenSat.1 Media and private equity firm General Atlantic. NuCom owns competing matchmaking site eharmony.

The dating app market is undergoing consolidation as it was reported last month that industry leader Match Group, the owner of such sites as Tinder, OKCupid, and Hinge -- as well as its namesake dating app -- had approached The Meet Group about an acquisition. Bumble owner MagicLab also sold a majority stake in its business to Blackstone Group late last year for $3 billion.

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Source Fool.com