Blackstone Takes Majority Stake in Bumble Parent Company
Blackstone Group Inc. (BX) said on Friday, Nov. 8, it would pay an undisclosed price for a majority stake in MagicLab LLC, which runs dating and social network apps Bumble, Badoo and others.
While the terms were not released, the companies said the transaction values MagicLab at $3 billion. Blackstone Growth, the growth equity investment unit of the PE giant set up in January, is the investor.
As part of the deal, MagicLab will tap Bumble founder and CEO Whitney Wolfe Heard as its new CEO. MagicLab’s current CEO, Andrey Andreev, who founded the company in 2006, will sell his stake in the company and step down.
Andreev said he plans to “embark on a new business venture in search of innovative leaders with new and exciting ideas,” according to a statement.
Editor’s note: The original version of this article, including advisers and other details, was earlier published on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.
This Content is Only for The Deal Subscribers
If you’re already a subscriber, log in to view this article here.
More From Private Equity
Drinks With The Deal: Morgan Lewis' Suh on Father's Influence on Career
Behind the Buyouts: Capstone's Ferrara on M&A Rebound
VSS Backs Founder-Owned Salesforce Consultant Lane Four
