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Blackstone acquires majority interest in Bumble parent, which values the company at about $3 billion

FILE PHOTO: The distribution of, and trade in info for the Blackstone Group, is listed on the item in which it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

(Reuters) – Blackstone Group Inc., is the acquisition of a majority stake in the MagicLab, the parent company of the dating app, “Bumble” and “the people”, and the value of the company at about $3 billion, the private equity firm said in a statement on Friday.

After the deal, ” Andrey Andreev, who was the founder of the MagicLab, it will be for the sale of its stake to Blackstone, and will be replaced as chief executive officer of Whitney, Wolfe Flock, Bumble’s chief executive officer.

Bumble was started in 2014 as a dating platform for women to begin conversations with potential male partners, and it is in competition with the Match Group, Inc. ‘s Tinder and Facebook pages of the dating service.

The shares of the Game Group, which also owns the dating platform OkCupid, and PlentyOfFish, which is a decline of 2.5%.

Citi Global Capital Markets, the financial advisor, by MagicLab, and Baker & McKenzie is the legal adviser of the MagicLab in the majority of the shareholders. Simpson Thacher & Bartlett llp was the legal advisor to Blackstone.

Report by Ayanti Berra in Bengaluru; Editing by Shounak Dasgupta and Mark Kuber

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