Quepasa Pays Myyearbook $100 Million in Merger Agreement

Quepasa, the social network with its sights firmly set on a Latino audience has just paid the sibling trio from New Jersey, Geoff, Catherine, and David Cook, $100 million for their fraternal creation, Myyearbook.com. The payoff is considered part of a merger agreement between the two companies.

Accordingly, Quepasa is putting up $82 million in stock and $18 million en efectivo (cash, guys). The siblings’ social network is geared at teens and has a strong focus on games. Calling it like it sees it, comScore ranks the New Jersey group’s site as the most heavily visited online place for teenagers. For its part, Quepasa calls West Palm Beach, Florida home and was founded in 1997 by Jeffery Peterson; its current CEO is John Abbott.

AllthingsD is reporting that last year the combined revenue of the merging companies came to a grand total of $33.6 million. As part of the deal underway, Geoff Cook, Myyearbook’s CEO, will now be Quepasa’s COO. In a release, John Abbot had the following to say about the new partners’ contribution: “By emphasizing social discovery, focusing on the people users want to know rather than the people they already know, the service has built a large and growing user base, especially in the teen and young adult demographic.”

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http://webcast.broadcastnewsroom.com/articles/viewarticle.jsp?id=1598261

http://allthingsd.com/20110720/here-to-make-friends-why-quepasa-is-paying-100m-for-myyearbook/?mod=googlenews

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