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
(Reuters) – Chinese gaming company Beijing Kunlun Tech Co Ltd (300418.SZ) said on Friday that it has agreed to sell Grindr LLC, a popular gay dating app it acquired in 2016, for about $608.5 million.
The deal comes after a U.S. government panel set a June 2020 deadline to sell the app. The panel, dubbed the Committee on Foreign Investment in the United States (CFIUS), has not disclosed its concerns about Kunlun’s ownership of Grindr.
However, the United States has been increasingly scrutinizing app developers over the safety of personal data they handle, especially if some of it involves U.S. military or intelligence personnel.
Kunlun said it agreed to sell its 98.59% stake in Grindr to San Vicente Acquisition LLC.
Reuters reported earlier on Friday that Kunlun was close to signing a sales deal, citing people familiar with the matter….
Source Reuters Tech News
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