Acquisitions

Grindr Will Be Sold By Chinese Owner Kunlun In $608M Deal

Acquisitions
  • Wednesday, April 01 2020 @ 09:45 am
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Grindr has been acquired by San Vicente Acquisition Partners

Grindr is set to sell for $608.5 million. The sale comes after the US government expressed national security concerns regarding Beijing Kunlun Tech’s ownership of the gay dating app. San Vicente Acquisition Partners — a group of entrepreneurs and investors in the technology, media and telecommunications industries — will acquire a 98.5 percent stake in Grindr in the deal. 

Kunlun is one of China’s largest mobile gaming companies. The company took a majority stake in Grindr in 2016 for $93 million. In 2018, Kunlun purchased the remaining percentage of the popular dating platform for $152 million. The agreement was met with apprehension on the part of journalists, China experts and former intelligence officials, who suggested that it put the Chinese government in a position to demand sensitive data about the app’s users, including those who are not Chinese citizens.

The Meet Group Announces Acquisition by ProSiebenSat.1 Media SE

Acquisitions
  • Friday, March 27 2020 @ 10:03 am
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ProSiebenSat.1 Media SE and The Meet Group Logos

Rumors began to swirl last December that German broadcaster ProSiebenSat.1 Media SE’s e-commerce arm, NuCom Group, had expressed preliminary interest in acquiring The Meet Group. It has now been announced that the companies have entered a definitive agreement to proceed with the acquisition. NuCom will pay $6.30 a share in the deal, putting an enterprise value on Meet Group of approximately $500 million.

Based in Pennsylvania, The Meet Group is a maker of mobile apps that focus on live streaming broadcasts and text-based conversations, including MeetMe, Skout,  LOVOO, Tagged and Growlr. NuCom’s holdings include eHarmony, which it acquired in 2018, and the Germany-based dating platform Parship. The Meet Group’s dating brands will be combined with NuCom’s portfolio company Parship Group. The acquisition will help both companies diversify their revenue streams and broaden their combined international footprint.

Grindr Eyed By Italian App Company Bending Spoons

Acquisitions
  • Wednesday, February 12 2020 @ 11:11 am
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Bending Spoons

Dating app Grindr, currently owned by Chinese company Kunlun Tech, might be off the market soon thanks to a bid by the Milan-based app design company Bending Spoons.

According to Global Dating Insights, Bending Spoons has offered $260 million for the popular gay dating app, headquartered in West Hollywood. Reports are also linking investment firm H14 to the deal, which is headed up by Barbara, Eleonora, and Luigi Berlusconi, children of Italy’s former prime minister Silvio Berlusconi. The app’s original founder Joel Simkhai sold his company for $93 million to Kunlun Tech in 2016

Eric Eichmann Named CEO of Spark Networks

Acquisitions
  • Thursday, December 12 2019 @ 09:38 am
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New Spark Networks CEO Erich Eichmann  is on the left beside board director Jeronimo Folgueira
Image: Business Wire

Spark Networks announced that Eric Eichmann will take over as CEO of Spark Networks, replacing Jeronimo Folgueira.

“I could not be more excited to join Spark at this time,” Eichmann said in a statement, published in Yahoo! Finance News. “Spark has a tremendous brand portfolio to help people find love across the globe…I look forward to working with the great team at Spark and leading the next chapter of its development.”

Dating.com Acquires Dil Mil, Popular Ex-Pat Dating App

Acquisitions
  • Thursday, December 05 2019 @ 10:52 am
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Dating.com Group Acquires Dil Mil

Dating.com Group is expanding its suite of dating apps by acquiring Dil Mil, a San Francisco-based dating app that is popular among ex-pats from India and South Asian countries, according to Tech Crunch.

South Asian ex-pats are less interested in arranged marriages, and have turned to dating apps to help find love in the U.S. However, most popular American dating apps like Tinder and OkCupid aren’t culturally appealing to this group of daters, who are more conservative and traditional in their approach to dating.

Andrey Andreev Sells His Stake in Parent Company of Bumble and Badoo

Acquisitions
  • Monday, November 18 2019 @ 10:39 am
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Blackstone Acquires Majority Stake in MagicLab
Blackstone Acquires Majority Stake in MagicLab

Russian billionaire Andrey Andreev is ending his relationship with MagicLab, the company that owns Bumble, Badoo, Chappy and Lumen. Andreev is set to sell his majority stake in MagicLab to Blackstone in a deal that values the company at $3 billion. As part of the transaction, Andreev will step away from the business and Bumble founder Whitney Wolfe Herd will take over as CEO.

In a prepared statement, Andreev said:

Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion. I am incredibly proud of the company, and of how we have connected millions of people around the world. At MagicLab, I have had the pleasure of working with some of the best and most talented entrepreneurs. My aim now is to ensure a smooth and successful transition before I embark on a new business venture in search of innovative leaders with new and exciting ideas. I am grateful for all the support of my partners and employees over the years as we couldn’t have gotten to this point without them. I wish MagicLab and Blackstone every success.

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