(Reuters) – Chinese gaming company Beijing Kunlun Tech Co Ltd (300418.SZ) is close to signing an agreement to sell popular gay dating app Grindr LLC to a group of investors, according to people familiar with the matter.
FILE PHOTO: Grindr app is seen on a mobile phone in this photo illustration taken in Shanghai, China March 28, 2019. REUTERS/Aly Song/File Photo
The move comes after a U.S. government panel ordered Kunlun to divest Grindr, which it has owned since 2016. The panel, dubbed the Committee on Foreign Investment in the United States (CFIUS), was concerned that the personal information of millions of Americans, such as private messages and HIV status, was at risk of falling into the wrong hands.
One of the investors in the group that is nearing a deal to acquire Grindr is James Lu, a former executive at Chinese search engine giant Baidu (BIDU.O), three of the sources said. The identity of the other investors in the consortium could not immediately be learned.
The deal price…
Source Reuters Tech News