IAC has asked the board of Match Group—which also owns Hinge and OkCupid—to let it spin its 80.5 per cent stake in Match off to IAC shareholders, thereby separating it from its other businesses. (The Logic)
Talking point: In August, IAC said it would spin off Match and Angi Homeservices, which owns HomeAdvisor and Angie’s List. The latter is on hold until the Match sale goes through. Match has a US$21-billion market cap, so a sale would bring in significant cash for the American holding company. It could use that influx to revive Angi, whose shares are down 56 per cent this year, and boost recent acquisitions Turo, a car-sharing firm, and Fixd Repair, a home-warranty firm. There are, however, a number of potential complications for the sale. One of Tinder’s co-founders is suing IAC for allegedly undervaluing Tinder’s growth potential.