Baker McKenzie, advised the majority shareholders of MagicLab on the sale of a majority stake in MagicLab to funds managed by Blackstone. Davis Polk is advising Whitney Wolfe Herd, the founder and CEO of Bumble.
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.
The Baker McKenzie team led by London M&A Partner David Scott (Picture), included 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.
The Davis Polk corporate team included partners Evan Rosen and Will Pearce, counsel William Tong and associate Elyka A. Anvari. Partners David H. Schnabel and Jonathan Cooklin and associates Aliza Slansky and Christina L. Tacoronti are providing tax advice. Partner Jeffrey P. Crandall and associate Charlotte R. Fabiani are providing executive compensation advice.
Involved fees earner: Amanda Bradley – Baker McKenzie; Claire Guthrie – Baker McKenzie; James Heller – Baker McKenzie; Lawrence Lee – Baker McKenzie; Dominique Manguiat – Baker McKenzie; David Scott – Baker McKenzie; Kata Szeidovitz – Baker McKenzie; Jerrold Yam – Baker McKenzie; Elyka Anvari – Davis Polk & Wardwell; Jonathan Cooklin – Davis Polk & Wardwell; Jeffrey Crandall – Davis Polk & Wardwell; Charlotte Fabiani – Davis Polk & Wardwell; Will Pearce – Davis Polk & Wardwell; Evan Rosen – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Aliza Slansky – Davis Polk & Wardwell; Christina Tacoronti – Davis Polk & Wardwell; William Tong – Davis Polk & Wardwell; Leif King – Skadden Arps Slate Meager & Flom;