Chinese Gaming Billionaire Buys U.S. Gay Dating App Grindr

Chinese Gaming Billionaire Buys U.S. Gay Dating App Grindr

Certainly one of China’s newly minted technology billionaires finalized a deal to purchase a managing stake in Grindr, the world’s biggest social-networking app that is gay.

Beijing Kunlun Tech Co., an online games business that helped introduce Angry Birds to Asia, offered $93 million in money for 60 % of the latest Grindr LLC, the business stated in a declaration into the Shenzhen stock market. Beijing Kunlun Chairman Zhou Yahui, whom became a billionaire following the business detailed shares a year ago, had been scouting other possible opportunities when you look at the U.S., relating to a business spokeswoman, Sophie Chen.

Zhou, well well worth $1.7 billion based on the Bloomberg Billionaires Index, has overseen seven discounts for Kunlun since April — including Grindr and a minority stake in Uk mortgage company LendInvest Ltd. The addition associated with mobile application Grindr will broaden its profile of services and create a unique supply of income, the business said.

In February, developer Rovio Entertainment Oy stated it finalized a unique cope with Kunlun to build up a version of the hit mobile game frustrated wild wild Birds tailored for Chinese players. Kunlun has also circulation legal rights for Supercell Oy’s Clash of Clans and Boom Beach, and Electronic Arts Inc.’s significance of Speed, according to Chen.

Changing Tradition

“Grindr may be the top platform in their area and it is mostly referred to as data-driven, and for their great individual base,” Chen stated within an email. “It’s important to the Kunlun Internet eco-sphere that is global.”

Beijing Kunlun’s stocks rose because of the most daily 10 % restriction after it announced the pact. The offer awaits antitrust review by the U.S. federal federal government.

“We have actually taken this investment within our company to speed up our growth,” Joel Simkhai, creator of Grindr, stated in an article. Continue reading “Chinese Gaming Billionaire Buys U.S. Gay Dating App Grindr”