MOL Global, an affiliate of online payment solutions provider MOL AccessPortal Berhad (MOL), has agreed to acquire 100 percent of Friendster, from a group of investors backed by Kleiner Perkins Caufield & Byers, Benchmark Capital, DAG Ventures and IDG Ventures.

The terms of the deal have not been revealed, but according to sources cited by Reuters, the social networking site will be sold for at least USD 100 million. The two companies will merge their operations to create a content, distribution and commerce network in Asia. According to MOL chief executive Ganesh Kumar Bangah, as a result of this merger, Friendster will combine a “social media site and online marketing channel with an integrated payment platform and content network which includes games, goods, gifts, music and video.” In October 2009, MOL entered an agreement with the social networking site to provide an integrated payment platform for Friendster's e-commerce services.

MOL's payment products include MOLeTopUp, an electronic prepaid distribution infrastructure, MOL Freedom, a multi-application prepaid payment card, MOL Wings, a payment service for wired and wireless internet service providers, MOL Zone, a mobile payment service, MOL Safepay, a payment system for micro-merchants and MOLePoints, an online micropayment system which allows customers to buy games, content and services online without the use of a credit or charge card. The company handles over 60 million payment transactions a year with an annual payment volume of over USD 200 million. Friendster has more than 115 million members worldwide.