Baker & McKenzie LLP issued the following announcement on Nov. 8.
Leading global law firm, Baker McKenzie, is advising the majority shareholders of MagicLab, the growing family of brands that built, owns, and operates market-leading dating and social networking apps, Badoo, Bumble, Chappy, and Lumen, on the sale of a majority stake in MagicLab to funds managed by Blackstone. The transaction values the business at approximately $3 billion.
Founded in 2006 by Andrey Andreev, MagicLab helped invent how people meet in the modern, mobile age, and its suite of brands has connected and transformed the lives of over 500 million people around the world, across dating, social, and business. The group shares a foundation of technology, talent, and experience, to constantly innovate new ways for people to meet and create life-changing moments by building relationships.
As part of the transaction, Mr. Andreev will be selling his stake and stepping down from the business. He will be replaced as CEO by Whitney Wolfe Herd, Founder and CEO of Bumble, who, together with Blackstone, will work to accelerate the business’s growth even further.
Baker McKenzie fielded a team led by London M&A Partner David Scott, alongside Senior Associates James Heller and Dominique Manguiat, and Associates Jerrold Yam, Kata Szeidovitz and Claire Guthrie. The US team included Partners Leif King and Lawrence Lee, and Associate Amanda Bradley.
Commenting on the transaction, David Scott said: "MagicLab is a fantastic business, with terrific brands and huge potential. The Blackstone acquisition is a great opportunity to further develop the platform. It's been a real pleasure to partner with Andrey and the MagicLab team on this one."
Simpson Thatcher is advising Blackstone, while Davis Polk is representing Whitney Wolfe Herd.
This is the latest example of Baker McKenzie's work in advising on high profile and complex transactions, and confirms Baker McKenzie's position as a transactional powerhouse.
Original source can be found here.