'We're Not Empire Builders': IAC, Match Group Will Fully Separate

IAC/InterActiveCorp IAC and Match Group MTCH announced on Thursday an agreement to separate their businesses.

The board of directors of IAC and Match Group have both agreed on the separation and the transaction is expected to close in the second-quarter of 2020.

IAC and Match Group will become two independent public companies and the transaction will give IAC shareholders direct ownership of Match Group.

More details regarding the transaction will be provided in filings by IAC and Match Group with the Securities and Exchange Commission and in a presentation to investors.

"We've long said IAC is the 'anti-conglomerate' – we're not empire builders. 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," said Barry Diller, senior executive of IAC.

Match Group shares were trading up 5.2% to $75 in Thursday’s pre-market session. The stock has a 52-week high of $95.32 and a 52-week low of $37.68.

IAC shares were up 1.26% to $224. The stock has a 52-week high of $268.72 and a 52-week low of $161.39..

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