Beijing Kunlun Tech Co Ltd, a leading Chinese gaming company, announced that it has agreed to sell Grindr LLC, a popular gay dating app for approximately $608 million. As per agreement Kunlun agreed to sell its around 98% stake in Grindr to San Vicente Acquisition LLC.
San Vincente Acquisition is a group of entrepreneurs and investors in technology, media and telecommunications industries. Chinese company Kunlun had acquired a majority stake in Grindr in 2016 for approximately $93 million.
California based Grindr has more than 4.5 million daily active users, and describes itself as the world’s largest social networking app for gay, transgender, bisexual, and queer people.
Beijing based Kunlun Tech is one of China’s largest mobile gaming companies. The company has approximately 4000 employees worldwide. The company is a global leader in mobile game platform (GameArk). The company also involved in leisure and entertainment social platform ( Social media and content platforms development. It has three major business segments, including Leisure and Entertainment, and Information, and drives synergies through the construction of the Group’s big data system.