PHOTO FILE: The ticker and trade information for Blackstone Group is displayed at the post on which it is traded on the floor of the New York Stock Exchange (NYSE) 4th April, 2016. REUTERS / Brendan McDermid
(Reuters) – Blackstone Group Inc (BX.N) taking a majority share in MagicLab, the parent company of the dating app “Bumble” and “Badoo”, adding value to the company at about $ 3 billion, the private equity firm said in a Friday statement.
Following the discussion, Andrey Andreev, founder of MagicLab, sells his part in Blackstone and the current Chief Executive of Bumble, Whitney Wolfe Herd, will replace him as chief executive officer.
Bumble started in 2014 as a dating platform for women to start discussions with potential male partners and competing with Match Group Inc.MTCH.OTinder and Facebook's ( tFB.O) dating service.
Shares of the Match Group, which owns the dating platforms OkCupid and PlentyOfFish also, they were 2.5%.
Citi Global Capital Markets is the financial adviser for MagicLab and Baker McKenzie is the legal advisor to the majority of MagicLab's shareholders. Simpson Thacher & Bartlett LLP is the legal adviser to Blackstone.
Reporting by Ayanti Bera in Bengaluru; Edited by Shounak Dasgupta and Shailesh Kuber
. Markets / Telecommunications (t) Markets (t) Investment and Fund Management Operators (TRBC) (t) United States Private Equity Funds (t)