United Online Completes the Sale of StayFriends
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WOODLAND HILLS, Calif., May 24, 2016 (GLOBE NEWSWIRE) -- United Online, Inc. (NASDAQ:UNTD) (“United Online” or “the Company”), a leading provider of consumer services and products over the Internet, today announced it has completed the sale of the stock of its wholly-owned subsidiaries comprising the StayFriends’ business, the Company’s European websites for social networking services, to Ströer Content Group GmbH (DE:SAX) (“Ströer”), a leading provider of out-of-home and online advertising services based in Germany. This was a tax efficient transaction and United Online effectively repatriated cash through the total cash consideration received of 16.0 million euros. The parties received German antitrust regulatory approval for the StayFriends transaction on May 13, 2016.
“This completed transaction is the culmination of a competitive and thorough process conducted with the assistance of ACXIT Capital Partners to maximize the value of StayFriends. Our Board of Directors concluded that Ströer offered the superior value-creating alternative for our shareholders,” commented Jeff Goldstein, Interim Chief Executive Officer of United Online.
StayFriends includes five international websites in Germany, Sweden, Austria and Switzerland (www.stayfriends.de, www.stayfriends.se, www.stayfriends.at and www.stayfriends.ch, respectively), and Trombi in France (www.trombi.com).
About United Online®
United Online, through its operating subsidiaries, provides consumer subscription services and products, consisting of internet access services and devices, including dial-up, mobile broadband, DSL, e-mail, internet security, and web hosting services, under the NetZero and Juno brands. United Online, Inc. (NASDAQ:UNTD) is headquartered in Woodland Hills, CA.
Kimberly Orlando / Tyler Drew
United Online Inc