Pursuits
Chinese Gaming Billionaire Buys U.S. Gay Dating App Grindr
- Beijing Kunlun Tech offers $93 million for 60 percent stake
- Kunlun shares hit maximum daily limit in share trading
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One of China’s newly minted technology billionaires signed a deal to buy a controlling stake in Grindr, the world’s biggest gay social-networking app.
Beijing Kunlun Tech Co., an Internet games company that helped introduce Angry Birds to China, offered $93 million in cash for 60 percent of New Grindr LLC, the company said in a statement to the Shenzhen stock exchange. Beijing Kunlun Chairman Zhou Yahui, who became a billionaire after the company listed shares last year, was scouting other potential investments in the U.S., according to a company spokeswoman, Sophie Chen.