China’s social media app Momo has acquired the dating service Tantan for $760m, creating a giant in the country’s booming online dating market.
Nasdaq-listed Momo announced the acquisition on Friday before markets opened. The deal gives the previously privately-held Tantan $600.9m in cash and 5.3m shares in Momo.
“In one deal we’re creating the only player left in China’s dating app market,” said Jeremy Choy, head of M&A at China Renaissance, the sole bank involved in the deal.
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