Grindr is looking for a new buyer and the price tag is hefty6th March 2020
The world’s busiest gay hook up app, Grindr, is about to sell up and the asking price is a lot.
Reuters is reporting that the current owners of Grindr, Beijing Kunlun Tech will be selling off the app immediately and the price tag is reported to be around $600 million.
That’s quite the mark up over what it paid for the app just a few short years ago.
In 2018 a majority stake in the world’s most popular gay hookup app was sold to the Chinese gaming firm in a deal that was worth nearly $100 million.
The tech company is selling up because the Committee on Foreign Investment (CFIUS) the United States, ordered the company to sell off a majority stake in the company in 2019.
The CFIUS ruled that the treasure trove of data held by Grindr would be a concern for the national security of the United States so it effectively forced the sale of the company. The ruling from the Committee on Foreign Investment also ordered that the firm cannot share any data harvested from the app.
The ID of the buyer is said to be San Vicente Acquisition LLC who will have a mound of data on around 4.5 million users.
According to Reuters, the CFIUS will need to approve the latest deal.