Grindr, a social network for the LGBTQ+ community, plans to go public via a merger with Tiga Acquisition in a deal with a post-transaction enterprise value of $2.1 billion.
Proceeds will consist of TAC’s approximately $284 million of cash in trust and up to $100 million in additional cash from a forward purchase agreement. Net proceeds raised from the transaction will be used to satisfy debt obligations and fund planned growth initiatives, the companies said in a news release.
Current Grindr equity holders will roll approximately 78% of their existing holdings into the combined company (assuming no TAC shareholder redemptions). The business combination is expected to close in the second half of 2022.
Grindr in the news release said it had 10.8 million monthly users last year, with $147 million in non-GAAP revenue. Read more.
