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 controlling stake in Grindr, the world’s biggest gay social-networking app.

Beijing Kunlun Tech Co., A internet games business that helped introduce Angry Birds to Asia, offered $93 million in cash for 60 percent of the latest Grindr LLC, the ongoing business stated in a declaration into the Shenzhen stock market. Beijing Kunlun Chairman Zhou Yahui, whom became a billionaire following the company detailed stocks just last year, ended up being scouting other prospective assets when you look at the U.S., relating to an organization 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 British mortgage company LendInvest Ltd. The addition of this mobile software Grindr will broaden its profile of services and produce a brand new supply of income, the business said.

In February, designer Rovio Entertainment Oy stated it finalized an exclusive cope with Kunlun to produce a form of the hit mobile game annoyed wild Birds tailored for Chinese players. Kunlun has also circulation rights for Supercell Oy’s Clash of Clans and Boom Beach, and Electronic Arts Inc.’s requirement for Speed, based on Chen.

Changing Tradition

“Grindr may be the top platform in their area and it is mostly called data-driven, and for their great individual base,” Chen stated within an e-mail. “It’s essential to the Kunlun international Web eco-sphere.”

Beijing Kunlun’s stocks rose because of the maximum daily 10 % restriction after it announced the pact. (more…)

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