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BRIEF-Meetme to buy Skout for $28.5 mln in cash and about 5.37 mln shares of Meetme
June 27, 2016 / 9:37 PM / a year ago

BRIEF-Meetme to buy Skout for $28.5 mln in cash and about 5.37 mln shares of Meetme

June 27 (Reuters) - Meetme Inc :

* Meetme to acquire skout

* Deal for $28.5 million in cash

* Deal implies an enterprise value of $54.6 million

* Expect that skout will remain a separate brand and standalone mobile application following closing of acquisition

* Expects to fund cash portion of acquisition primarily from meetme cash on hand and cash from operations

* Deal consideration also includes approximately 5.37 million common shares of Meetme

* Assuming a potential closing date of Oct. 1, 2016, Meetme would expect its 2016 financial results to be revenue of between $70.5 and $73.5 million

* Expect Skout to contribute approximately $7.5 million of adjusted EBITDA and transaction to be accretive to earnings in first 12 months post-closing

* Assuming a potential closing date of Oct. 1, 2016, would expect its 2016 financial results to be adjusted EBITDA of between $26 and $29 million

* Meetme says Canaccord Genuity serving as financial advisor and Morgan, Lewis & Bockius LLP serving as legal counsel to Meetme Source text for Eikon: Further company coverage:

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