Grindr’s China Owner Sells Gay App for $600 Million (Correct)

The Chinese owner of gay dating app Grindr has reached a deal to offload one of the world’s largest LGBT social platforms, a year after U.S. regulators pressed for disposal over national security concerns.

Beijing Kunlun Tech Co. said in a Friday filing to the Shenzhen Stock Exchange that it has agreed to sell its 99% stake in Grindr LLC to San Vicente Acquisition LLC for about $608.5 million. The deal needs the approval of the Committee on Foreign Investment in the U.S., better known as CFIUS, which required the Chinese firm to unwind its purchase of Grindr, according to ...