New story
Ilya St
November 10 14:04

Badoo owner sells majority stake

MagicLab is now under Blackstone Group a control and company's CEO Andrey Andreev is stepping down 
MagicLab owns such dating app services as Badoo, Bumble, Chappy and Lumen. Blackstone group estimated the value of the entire firm to be US$3 billion. 
Andrey Andreev, MagicLab's CEO, is stepping down and Whitney Wolfe Herd is said to replace him. 

"For the last 13 years, my mission has been to connect people together and build relationships. MagicLab was the manifestation of this mission. With my team, we built, launched, and scaled Badoo, Bumble, Chappy and Lumen, changing the lives of over 500 million people around the world. Today, Blackstone is taking majority ownership of MagicLab. I am departing MagicLab to do what I love doing most - building something big," - said Andreev on his Instagram page. 
Blackstone also plans to invest in the company "several billion dollars," notes WSJ. Sources familiar with the details say that MagicLab annually increases revenue by 40% and thus may become a candidate for an IPO.