Grindr’s Chinese owner sells gay dating app for $600m

The Chinese owner of gay dating app Grindr has reached a deal to offload one of the world’s largest LGBT social platforms, a year after U.S. regulators pressed for disposal over national security concerns.

Beijing Kunlun Tech Co. said in a Friday filing to the Shenzhen Stock Exchange that it has agreed to sell its 99% stake in Grindr LLC to San Vicente Acquisition LLC for about $608.5 million. The deal needs the approval of the Committee on Foreign Investment in the U.S., better known as CFIUS, which required the Chinese firm to unwind its purchase of Grindr, according to the filing.

The sale underscores a growing concern in the U.S. that Beijing could use Chinese tech companies as a tool to amass sensitive data on millions of American citizens. The U.S. watchdog has also begun a review of ByteDance Inc.’s 2017 purchase of the business that became TikTok, a viral mini-video app.

Kunlun bought a majority stake in Grindr for just $93 million in 2016, and acquired the remaining shares two years later. Prior to the CFIUS inquiry, the Chinese firm was planning an initial public offering for the app overseas.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.