Blackstone takes majority stake in ‘Bumble’ guardian, values agency at about $three billion


FILE PHOTO: The ticker and buying and selling info for Blackstone Group is displayed on the publish the place it's traded on the ground of the New York Inventory Trade (NYSE) April 4, 2016. REUTERS/Brendan McDermid

(Reuters) – Blackstone Group Inc (BX.N) is taking a majority stake in MagicLab, the guardian firm of courting app “Bumble” and “Badoo”, valuing the corporate at about $three billion, the non-public fairness agency mentioned in a press release on Friday.

Following the deal, Andrey Andreev who’s the founding father of MagicLab, will promote his stake to Blackstone and get replaced as chief govt officer by Whitney Wolfe Herd, Bumble’s current CEO.

Bumble started in 2014 as a courting platform for girls to start out discussions with potential male companions and competes with Match Group Inc’s (MTCH.O) Tinder and Fb’s (FB.O) courting service.

Shares of Match Group, which additionally owns courting platforms OkCupid and PlentyOfFish, had been down 2.5%.

Citi World Capital Markets is the monetary adviser to MagicLab and Baker McKenzie is the authorized adviser to the MagicLab’s majority shareholders. Simpson Thacher & Bartlett LLP is the authorized adviser to Blackstone.

Reporting by Ayanti Bera in Bengaluru; Enhancing by Shounak Dasgupta and Shailesh Kuber

Author: Maxwell C.

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