REUTERS - Grindr will go public through a merger with a blank-check acquisition firm - a deal that values it at $2.1B and features Tiga Investments CEO Raymond Zage on both sides of the transaction. Grindr said its existing shareholders would own 78% of the company after the merger, which comes two years after China's Kunlun Tech divested it for $620M due to U.S. national security concerns. While Grindr did not disclose the identities of its existing shareholders, Reuters previously reported that Zage had a 41% stake in the consortium that acquired Grindr. Zage continues to be an investor in Grindr. Tiga Acquisition, the Singapore-based special purpose acquisition company (SPAC) that will merge with Grindr, is controlled by Zage. Under the deal, Grindr will receive $284M in cash from Tiga and up to $100M in a forward purchase agreement.
By Echo Wang
See full article at Reuters
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