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IAC Acquires, Pivots to Family Care

IAC announces the purchase of, a day after it officially announced the spinoff of Match Group.
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Media and internet company IAC/InteractiveCorp  (IAC) - Get IAC/InterActiveCorp Report announced that it has entered into an agreement to acquire  (CRCM) - Get Inc. Report, a family care online marketplace, for $15 a share in an all-cash transaction with an enterprise value of about $500 million.

IAC described as the world’s largest online family care company as has more than 1.5 million successful matches since in inception. had 374,000 paying families in its network as of the third quarter.

IAC said the transaction will give it a foothold in a $300 billion market with natural and secular tailwinds. IAC also admitted, however, that the market is new to the company.

"Family care is exciting new territory for us - and an accelerating market as demand for both child and senior care intensifies worldwide," said Joey Levin, CEO of IAC. "The team has built a trusted brand and marketplace for families all over the world. We like marketplace businesses and this is one in a category we think has incredible potential."

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Earlier this week, IAC confirmed plans to formally spin off its online dating service operation Match Group  (MTCH) - Get Match Group Inc. Report. IAC holds an 81% stake in the company.

Under terms of the split, IAC will distribute its Match shares to IAC shareholders, creating two independent public companies. The separation, which was initially announced in October, will be structured to be tax-free to IAC, Match and their respective shareholders. It is expected to close in the second quarter of 2020.

IAC shares were rising 1.6% to $242.12 Friday. was rising 13.32% to $15.02.