(Online Dating Industry Journal) Think Partnership has extended a letter of intent to sell its online dating subsidiary, Cherish Inc., to Mountains West Explorations, while also stating that it can't provide assurance that the proposed transaction will be complete. The original letter of intent was to end last Friday, but was extended until March 30 or this year.
Think Partnerships reached an agreement last November to sell it's Cherish unit to Mountains West Explorations for $21 million. Mountains West Explorations started acquiring dating services last year, announcing in December that they had entered into a definitive letter of intent to acquire privately held Together, The Right One and eLove.
If all of the acquisitions go through, Mountains West Explorations will have a good hold of the offline dating industry (which Together and The Right One represents) and a start in the online dating industry market. Cherish owns several online dating services, such as DreamMates.com, SingleMe.com, and PassionatePersonals.com. Cherish also owns Vintacom Florida, Inc. whose technology powers more than 180 online dating sites in the United States and Canada.
Closing of the transaction with Think Partnership is subject to a number of conditions including Mountains West Explorations ability to finance the cash portion of the purchase price.
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