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

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FILE PHOTO: The ticker and buying and selling data for Blackstone Group is displayed on the put up the place it’s traded on the ground of the New York Inventory Trade (NYSE) April four, 2016. Information/Brendan McDermid

(Information) – Blackstone Group Inc 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 stated 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 government officer by Whitney Wolfe Herd, Bumble’s current CEO.

Bumble started in 2014 as a courting platform for girls to begin discussions with potential male companions and competes with Match Group Inc’s Tinder and Fb’s courting service.

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

Citi International 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; Modifying by Shounak Dasgupta and Shailesh Kuber