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FINAM and Andrey Andreev sold a share in MagicLab for about $ 600 million

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FINAM and Andrey Andreev sold a share in MagicLab for about $ 600 million
November 08
13:00 2019

MagicLab owns the well-known online dating services: Badoo, Bumble, Chappy and Lumen. It became known that FINAM, a Russian investment holding company, had sold its stake in the IT company. The founder and CEO of MagicLab Andrey Andreev has also sold his stake. The American investment company Blackstone has bought it.

The amount of the transaction remains a secret, but since MagicLab was valued at $ 3 billion, then 20% (owned by FINAM) could be sold for $ 600 million.

Andrey Andreev will also leave the post of CEO of the innovative company. The IT businessman has told the reporters that he plans to invest both the proceeds and free time he got in a new project, but he refused to give details.

The history of MagicLab started with the launch of the Badoo service in 2006. In June of this year, other dating services – Bumble, Chappy and Lumen – were joined to the company. In total, half a billion people use the company’s services. Mr. Andreev sold to FINAM a 10% stake in Badoo 11 years ago. Then he got about $ 30 million, a year later FINAM increased its stake to 20%.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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