IAC/Interactive (NASDAQ: IAC) is a leading media and Internet company comprised of widely known consumer brands such as Match, Tinder, PlentyOfFish and OkCupid, which are part of Match Group's online dating portfolio, HomeAdvisor and Angie's List, operated by ANGI Homeservices, as well as Vimeo, Dotdash, Dictionary.com, The Daily Beast and Investopedia.
In preparation for a large and complex transaction, wherein IAC combined its HomeAdvisor business with Angie’s List by way of a merger-exchange to create a new publicly traded company (ANGI Homeservices), the company established several critical cash management objectives for one of its key business units in EMEA. Prior to the transaction, it was necessary to repay/refinance certain cross-segment indebtedness between HomeAdvisor and IAC subsidiaries, as well as minimize cash balances in order to reduce leakage to the parent company’s shareholders. In addition, the treasury team had to find a way to manage liquidity more efficiently without the need for frequent distributions, contributions and/or intercompany loans, while reducing foreign exchange (FX) exposure and cost. To accomplish its goals, IAC needed to consolidate disparate banking relationships into a single banking provider to gain greater visibility and control.
The overall mission was to increase treasury efficiency and improve the ability to fund growing operations and expansion plans within EMEA. All of this had to be accomplished within an exceedingly short timeframe, increasing the challenge for the team.
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