For all practical reasons, we believe IAC may have expedited the spin-off announcement as it seeks complete withdrawal of exposure to MTCH, which has witnessed a slew of unforeseen setbacks recently. MTCH faces concerns over sustainable growth, given Facebook's new dating offering and the Federal Trade Commission's recent lawsuit against the company alleging fraudulent practices to coerce users into taking paid subscriptions. We reckon the rush (to spin-off MTCH) is probably reflected in the management's decision to evaluate the ANGI spin-off only after completion of the MTCH spin-off. IAC is also using the spin-off of MTCH as an opportunity to bolster its own balance sheet by transferring its entire debt to MTCH and receiving cash consideration.