China’s Kalends To Acquire Additional Stake In Grindr For USD152 Million
Chinese Internet game distributor Kalends plans to invest USD152 million to acquire a 38.47% in Grindr with Kunlun Group as the investor.
On the completion of the acquisition, Kunlun Group will own a 100% stake in Grindr.
The report revealed that on January 8, 2016, Kunlun Group signed a subscription agreement to purchase 98,448,000 shares of New Grindr LLC, which has now been renamed to Grindr LLC, from its existing shareholder Grindr Holding Company, and the total investment was about USD93 million. This deal completed equity settlement procedures in March 2016. With this transaction, Kunlun Group gained a 61.53% stake in Grindr.
Grindr is one of the largest social networks for homosexuals in the world. Headquartered in Los Angeles, it has over 27 million registered users in 196 countries and regions and over 30% users are from the U.S. Since its founding in 2009, the company has maintained continuous growth without any major external investment and marketing expenses. At present, Grindr's market share ranks first among similar websites in the U.S. and 66% of its revenue is from members.