September 5, 2016 / 6:39 AM / in 3 years

ProSieben buys majority of online dating group Parship Elite

FRANKFURT, Sept 5 (Reuters) - German broadcaster ProSiebenSat.1 said it was buying a majority stake in German online dating group Parship Elite in a deal valuing the company at 300 million euros ($335 million) to expand its digital portfolio.

“Online matchmaking, which is the most relevant category for Parship Elite Group’s business, is the most sustainable segment of the online dating market, growing at an annual rate of 10 percent,” Christian Wegner, member of the Executive Board of Digital Ventures & Commerce of the ProSiebenSat.1 Group, said in a statement on Monday.

ProSieben said it was paying 100 million euros for 50 percent plus one share in Parship Elite Group, which operates online platforms Parship and Elite Partner in the German-speaking world. It will also replace loans worth 100 million euros with preferred capital bearing a fixed rate of interest.

The previous owners, Oakley Capital Private Equity II and the existing management, will keep just under 50 percent of shares in the group, ProSieben said.

$1 = 0.8949 euros Reporting by Maria Sheahan; Editing by Ludwig Burger

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