China tech firm sells gay dating app Grindr for $608 million
Tue. March 10, 2020 11:21 AM by Carlos Santoscoy
Chinese tech firm Beijing Kunlun Tech Co. is selling gay dating app Grindr for about $608.5 million, Bloomberg reported.
According to a filing, Kunlun has agreed to sell its 99% stake in Grindr to San Vicente Acquisition LLC.
(Related: Grindr president reportedly said he's opposed to same-sex marriage.)
The deal needs the approval of regulators.
Kunlun was forced to sell the app last year over growing concerns in the U.S. that the Chinese government could use consumer technology to collect personal data on Americans.
Kunlun, which was previously planning an IPO for Grindr overseas, purchased a majority stake in Grindr for $93 million in 2016. Two years later, it bought the remaining shares.
According to a filing, Kunlun has agreed to sell its 99% stake in Grindr to San Vicente Acquisition LLC.
(Related: Grindr president reportedly said he's opposed to same-sex marriage.)
The deal needs the approval of regulators.
Kunlun was forced to sell the app last year over growing concerns in the U.S. that the Chinese government could use consumer technology to collect personal data on Americans.
Kunlun, which was previously planning an IPO for Grindr overseas, purchased a majority stake in Grindr for $93 million in 2016. Two years later, it bought the remaining shares.
Article provided in partnership with On Top Magazine