The $100m (£61.4m) deal comprises of $82m in Quepasa stock and $18m in cash.
Quepasa says that, upon completion of the merger, the company will have over 70m registered users, 2.4bn page views, and 2.2m mobile apps installed. The Quepasa Corporation also owns a social games development studio called Quepasa Games, and this will contribute 11.5m mobile games installed.
"With this merger, we intend to create nothing less than the public market leader in social discovery," says Quepasa CEO, John Abbott. "Combination with myYearbook nearly doubles the size of Quepasa's existing user base while positioning the new company for significantly higher growth in mobile and social games, advertising, and virtual currency. The myYearbook team is product-oriented and hungry to continue building innovative products at the convergence of social and mobile. We expect the scale of this combination to enable a new class of investor in Quepasa. We believe myYearbook's proven track record in monetisation and engagement will fuel significant future growth."
myYearbook was rated at number one in comScore's Teens category, with more visists, minutes, and pageviews than any other site in the category.
"We are thrilled to bring our vision of social discovery to a global audience through combination with Quepasa," noted Geoff Cook, CEO of myYearbook. "Meeting new people is now - and has always been - one of the internet's core activities. This combination creates the scale needed to build the number one player in social discovery. What excites me most about this opportunity is applying myYearbook's platform for monetisation and engagement to Quepasa's fast-growing markets while also doubling the size of our development team to execute against an aggressive product pipeline focused on social, mobile, and virtual currency."