The people behind the LGBTQ+ dating app Grindr said the company would go public through a merger with a blank-check acquisition firm—a deal that values it at $2.1 billion and features Tiga Investments CEO Raymond Zage on both sides of the transaction, Reuters reported.
Grindr said its existing shareholders would own 78% of the company after the merger, which comes two years after China's Kunlun Tech Co divested it for $620 million 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.
Under the deal, Grindr will receive $284 million in cash from Tiga and up to $100 million in a forward purchase agreement.
Grindr CEO Jeff Bonforte and Grindr COO Rick Marini will step down; a search for Bonforte's successor has started.
