United Online Inc.entered into an agreement with Ströer Content Group GmbH to sell its subsidiaries,including the company's StayFriends social networking units in Europe.
United will sell all of the wholly owned stock in its subsidiariesin exchange for €16 million, including a €6.5 million cash on StayFriends balancesheet. The company's board began considering selling its assets and the company as a whole after it rejectedan offer in November 2015.
The StayFriends unit includes international websites in Germany,Sweden, Austria, Switzerland and France. The transaction is expected to close byApril 30 and is subject to the German Antitrust Act.
The StayFriends sale is part of United Online's strategy to exitthe social media business following the saleof Classmates in August 2015.