(Bloomberg) — Shares of dating app company Bumble Inc. soared after The Wall Street Journal reported it was in advanced talks to take it private in a deal that values it at about $1 billion.
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The buyer is recently formed Ithaca Holdings, and a deal could be announced as early as this week, the Journal reported, citing unnamed people familiar with the matter. Buying Bumble would be one of its first major transactions, he added.
A Bumble spokesperson did not immediately respond to requests for comment.
Bumble was founded in 2014 by Whitney Wolfe Herd, former co-founder of Tinder, on the principle that only women could make the first move on the app. But Bumble, like many of its peers in dating apps, has seen a decline in users as younger people have grown tired of online dating and shown interest in other forms of dating, including in-person events.
In August, Bumble abandoned the female-focused model, its latest initiative aimed at boosting user engagement.
Bumble shares jumped 57% to $3.98 on Monday following the Wall Street Journal report, its biggest intraday rise since March 12.
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