FILE PHOTO: The ticker and buying and selling data for Blackstone Group is displayed at the put up the place it’s traded on the ground of the New York Stock Exchange (NYSE) April four, 2016. REUTERS/Brendan McDermid

(Reuters) – Blackstone Group Inc (BX.N) is taking a majority stake in MagicLab, the mother or father firm of relationship app “Bumble” and “Badoo”, valuing the corporate at about $three billion, the personal fairness firm stated in an announcement on Friday.

Following the deal, Andrey Andreev who’s the founding father of MagicLab, will promote his stake to Blackstone and get replaced as chief govt officer by Whitney Wolfe Herd, Bumble’s current CEO.

Bumble started in 2014 as a relationship platform for girls to begin discussions with potential male companions and competes with Match Group Inc’s (MTCH.O) Tinder and Facebook’s (FB.O) relationship service.

Shares of Match Group, which additionally owns relationship platforms OkCupid and PlentyOfFish, have been down 2.5%.

Citi Global Capital Markets is the monetary adviser to MagicLab and Baker McKenzie is the authorized adviser to the MagicLab’s majority shareholders. Simpson Thacher & Bartlett LLP is the authorized adviser to Blackstone.

Reporting by Ayanti Bera in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber

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