November 8, 2019 / 4:28 PM / 9 days ago

Blackstone takes majority stake in "Bumble" parent, values firm at about $3 bln

Nov 8 (Reuters) - Blackstone Group Inc is taking a majority stake in MagicLab, the parent company of dating app “Bumble” and “Badoo”, valuing the company at about $3 billion, the private equity firm said in a statement on Friday.

Following the deal, Andrey Andreev who is the founder of MagicLab, will sell his stake and be replaced as chief executive officer by Whitney Wolfe Herd, Bumble’s present CEO.

Bumble began in 2014 as a dating platform for women to start discussions with potential male partners and competes with Match Group Inc’s Tinder and Facebook’s dating service. (Reporting by Ayanti Bera in Bengaluru; Editing by Shounak Dasgupta)

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