Barry Diller's Interactive Corp will divest it's 80% stake in Match Group in the coming months
"We've long said IAC is the 'anti-conglomerate' – we're not empire builders,” Chairman Barry Diller said in a statement.
Interactive Corp. Owner of sites like Angie's list and college humor plans to spin off its 80 percent interest in Match Group. According to a statement, IAC shareholders will have direct ownership of Match Group after the deal's closing and receive an additional $3 a share in cash.
The company, IAC, plans to unlock value through the transaction and plans to "focus on other undervalued assets " in its stable of digital properties.
Match Group stock is up 65% year over year. The transaction is expected to close in 2020.
As part of the deal, IAC will purchase, for $120 million in stock, two LA buildings occupied by Tinder.
"We've long said IAC is the 'anti-conglomerate' – we're not empire builders,” Chairman Barry Diller said in a statement. “We've always separated out our businesses as they've grown in scale and maturity and soon, Match Group, as the seventh spin-off, will join an impressive group of IAC progeny collectively worth $58 billion today."