One of Chinese newly minted technology billionaires has given consent for acquiring a controlling stake in globally well-reputed gay social-networking app, Grindr.
As per statement to Shenzhen stock exchange, an internet games company, which aided in Angry Bird introduction to China, Beijing Kunlun Tech Co., announced to present US$ 93 million in cash to acquire 60% of New Grindr LLC. More company’s spokesperson claimed that other potential investments in USA were already being scouted by company’s chairman Zhou Yahui, wjo became a billionaire after company listed its shares in year 2015.
Since April, year 2015, Zhou has overseen seven deals (worth US$ 1.7 billion) for Kunlun including Grindr and a minority stake in British mortgage lender LendInvest Ltd., – as per Bloomberg Billionaires Index.
This recent announcement to acquire mobile app Grindr would widen up its portfolio of services and it could be able to generate high revenues.
Developer Rovio Entertainment Oy said it signed an exclusive deal with Kunlun to develop a version of the hit mobile game Angry Birds tailored for Chinese players in February, last year.
“Grindr is the top platform in their area and is mostly known as data-driven, as well as for their great user base. It’s essential to the Kunlun global Internet eco-sphere.” – Company’s spokesperson, Sophie Chen
“We have taken this investment in our company to accelerate our growth. It will generally be business as usual for us here at Grindr, but with a renewed sense of purpose and additional resources.” – Founder of Grindr, Joel Simkhai
[According to Bloomberg: Beijing Kunlun’s shares rose by the maximum daily 10% limit after it announced the pact. The deal awaits antitrust review by the U.S. government.]
