Grindr to Become a Public Company, Advancing Mission to Connect LGBTQ+ People With One Another and The World
Grindr, the #1 social network for the LGBTQ+ community, today announced that it has entered into a definitive agreement to merge with Tiga Acquisition Corp. (NYSE: TINV).
Grindr rollover equity to be valued at ~$1.6 billion and an estimated post-transaction enterprise value of $2.1 billion.
Grindr’s existing equity holders to own ~78% of Grindr at closing.
Proceeds will further super-serve Grindr and the LGBTQ+ community through the core product, supporting growth areas, launching new endeavors, and continuing our purposeful work to advance the best interests of the global queer community.
Cash proceeds raised will consist of TAC’s approximately $284 million of cash in trust and up to $100 million in additional cash equity from a forward purchase agreement. Net proceeds raised from the transaction will be used to satisfy debt obligations and fund planned growth initiatives.
The business combination has been unanimously approved by the boards of managers and directors of both Grindr and TINV.
The business combination is expected to close in the second half of 2022, subject to regulatory and stockholder approvals, and other customary closing conditions.
The Raine Group is serving as financial advisor and Cooley is acting as legal advisor to Grindr.
Freshfields Bruckhaus Deringer is acting as legal advisor to Raine Securities. Milbank LLP is acting as legal advisor to TINV.
Upon completion of the transaction, the combined company will be named Grindr Inc.Read more