Social media app Momo has acquired dating service Tantan in a bid to bolster its dominance in China’s booming online dating market.
Momo purchased Tantan, which is often referred to as China’s Tinder, for $600.9m in cash and 5.3m shares in Momo.
The deal sees Momo value Tantan at $735m in total, according to Bloomberg.
Momo, which has 94.4 million monthly active users, is hoping the deal will position the company as the market leader in dating apps, however, Tantan will continue to operate as a separate brand.
The deal comes as China experiences a boom in dating apps as a result of the country’s worsening male to female ratio, and the cultural pressures for young people to marry.