Blackstone Takes Majority Stake In MagicLab At About $3 Bln Valuation

(RTTNews) - Blackstone (BX) Friday said that funds managed by the company are taking a majority stake in MagicLab, which builds and operates leading dating and social networking apps, including Bumble and Badoo.

The transaction values the company, founded in 2006 by Andrey Andreev, at about $3 billion.

As part of the acquisition, Andreev will be selling his stake and stepping down from the business. He will be replaced as CEO by Whitney Wolfe Herd, Founder and CEO of Bumble, who, together with Blackstone, will work to accelerate the business' growth even further.

Commenting on the transaction, Andrey Andreev said: "Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion."

Whitney Wolfe Herd added: "This transaction is an incredibly important and exciting moment for Bumble and the MagicLab group of brands and team members. Blackstone is world-class at maximizing the success of entrepreneur-led companies, which presents a tremendous opportunity. We are very excited to build the next chapter with them. I am honored to take on the role of CEO of the group."