Blackstone (NYSE:BX)’s funds are taking a majority stake in London, UK-based MagicLab, which builds and operates dating and social networking apps.
The deal valued the company at approximately $3 billion.
Founded in 2006 by Andrey Andreev, MagicLab operates brands across dating, social, and business.
As part of the acquisition, Andrey Andreev, who founded the company in 2006, will be selling his stake and stepping down from the business. He will be replaced as CEO by Whitney Wolfe Herd, Founder and CEO of Bumble, who, together with Blackstone, will work to accelerate the business’ growth even further.
MagicLab currently operates:
– Badoo, a dating-focused social network,
– Bumble, a location-based social and dating application that facilitates communication between interested users.
– Chappy, a gay dating app, and
– Lumen, a dating app specifically designed for over 50s.