In a multi-million dollar cash and stock deal, Latino networking site Quepasa Corp bought myYearbook.com operator Insider Guides, Inc.
Quepasa, based in West Palm Beach, Fla. and focused on Latino users, said in July that it would buy the New Hope, Pa. company for $100 million in a cash and stock deal. Quepasa expected the acquisition to double its number of users and drive up page views.
In a Thursday filing with the Securities and Exchange Commission, Quepasa said it paid $18 million in cash and issued 17 million common shares to the company. Based on Quepasa's Thursday closing price of $4.08, the stock portion of the deal would be worth about $69 million, bringing the total value of the deal to about $87 million at its completion.
Since the acquisition was announced on July 20, Quepasa's stock has fallen 59 percent.
The myYearbook site is popular among high school-aged users, who use it to chat, play games and buy and sell items with virtual money. It was founded by then-teenage siblings Catherine and David Cook in 2005 while they were still high school students in New Jersey.
Based on reporting by The Associated Press.