Yelp acquires Qype for approximately $50M

Yelp announced it has acquired Qype, Europe's largest local reviews site. Qype was acquired to accelerate Yelp's international expansion, bringing more than two million reviews and 15M unique visitors per month across 13 countries. Under the terms of the acquisition agreement, Yelp acquired all of Qype's shares, for approximately EUR18.6M and 970,000 shares of Yelp's Class A common stock, for a total purchase price of approximately $50M USD. Qype is headquartered in Germany, with operations also in the United Kingdom. The acquisition will be recorded in Yelp's Q4 and 2012 year-end financial statements.