News

US Government Approves San Vicente’s Grindr Acquisition

Kunlun Tech Group has announced that the US government has officially approved its proposed sale of Grindr to San Vicente Acquisition LLC.

The final valuation of the deal is $620 million, after initially being reported as $608.5 million at the beginning of April.

The Beijing-based technology company has been embroiled in a battle with the Committee on Foreign Investment in the United States (CFIUS) for the past 15 months. CFIUS was concerned that Kunlun’s ownership put users’ private information, including HIV statuses and exact locations, in the hands of the Chinese government.

According to Reuters, a Grindr spokesperson said a statement: “We are pleased that all approvals for the sale of Grindr have been received and look forward to the close of the transaction in the days ahead.”

The identity of the individuals behind the San Vicente have not been revealed, but it is confirmed that it includes at least one American entrepreneur.

Bending Spoons, an app development company from Italy, was interested in purchasing the gay dating app. However, the $260 million bid appeared to fall well short of Kunlun’s valuation.

Grindr released a desktop version of the app last month that was designed to allow people to use it discreetly at work or in public areas.

Read more here.

Dominic Whitlock

Dominic is the Editor for Global Dating Insights. Originally from Devon, England he achieved a BA in English Language & Linguistics from The University of Reading. He enjoys a variety of sports and has a further passion for film and music.

Global Dating Insights is part of the Industry Insights Group. Registered in the UK. Company No: 14395769