Blackstone said on Nov. 8 it is taking a majority stake in MagicLab, the parent of U.S. dating site Bumble, in a deal that values the firm at $3 billion.
The private equity group founded and run by Steve Schwarzman is investing in MagicLab through Blackstone Growth, a new division it launched in January to buy equity in growth companies. While the company did not disclose financial details for MagicLab, Schwarzman said at a Reuters event on Nov. 6 that Blackstone tends “not to do investments of companies that are not profitable.”
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