Blackstone Seeks Payout From Bumble Loan Amid Online Dating Boom
By Lisa Lee and Jeannine Amodeo
Oct. 7, 2020, 8:40 PM
Blackstone Group Inc. is looking to reap the benefits from a surge in online dating in a global pandemic and a rebound in demand for risky leveraged loans as investors seek higher-yielding assets.
The private equity firm, which bought a majority stake in the owner of dating app Bumble last year when it was known as MagicLab, is now seeking a payout from a $200 million loan. The deal, along with cash on balance sheet, will fund a $285 million dividend to Blackstone, as well as other co-investors and shareholders, according to a note from Moody’s Investors Service.
