Blackstone takes majority stake in “Bumble” parent, values firm at about $3 bln
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(Reuters) – Blackstone Group Inc (BX.N) 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.
Reporting by Ayanti Bera in Bengaluru; Editing by Shounak Dasgupta