Grindr’s Chinese owner nears deal to sell gay dating app

Photo: Reuters

Chinese gaming company Beijing Kunlun Tech Co Ltd is close to signing an agreement to sell Grindr LLC, the popular gay dating app it has owned since 2016, to a group of investors, according to people familiar with the matter.

The move comes after a U.S. government panel asked Kunlun to divest Grindr. The panel, dubbed the Committee on Foreign Investment in the United States (CFIUS), was concerned that the personal information of millions of Americans, such as private messages and HIV status, was at risk of falling into the wrong hands.

One of the investors in the group that is nearing a deal to acquire Grindr is James Lu, a former executive at Chinese search engine giant Baidu, three of the sources said. The identity of the other investors in the consortium could not immediately be learned.

The deal price that Kunlun is agreeable to for Grindr could also not be learned, but the negotiations during the sale process were based on a valuation of Grindr of around $500 million, one of the sources said.

The sources cautioned that there is no certainty a deal will be completed and requested anonymity ahead of an official announcement.

Grindr declined to comment, while Kunlun and Lu did not immediately respond to requests for comment.

Reuters

Singapore Reporter/s

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

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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.