Dallas-based Match Group to join S&P 500 after split from IAC

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Match Group will list on the S&P 500 effective Monday, Sept. 20, more than a year after the dating app firm officially split off from parent company IAC.

IAC bought Match.com in 1997 and pursued purchases to build the web dating powerhouse. At the time the split was announced, Match Group was valued at $22 billion. Shares of Match rose after the announcement that the company would list on the S&P 500 this week, leaving Match’s shares 50% higher than when it announced the split and boosting the company’s market cap to around $40 billion.

Dallas-based Match will be accompanied by software firm Ceridian HCM Holding Inc. and insurance company Brown & Brown Inc., which are also newly joining the S&P 500 next week, according to a release from S&P Dow Jones Indices.

The dating app giant filed to separate from its holding company, IAC, in late 2019. The move was intended to give Match more independence to pursue acquisitions. IAC and Match completed the spinoff in July 2020.

IAC previously owned 80% of Match Group, which owns a portfolio of dating services including Tinder, Match.com, OKCupid and Hinge.

The announcement that Match will list on the S&P 500 comes after a particularly eventful week for the company. CEO Shar Dubey took a strong position condemning Texas’ restrictive new abortion law last week and set up a fund to help Texas employees affected by the legislation. Match was later joined by other tech companies, including Uber and Lyft, in setting up funds for their own workers.