In brief: China’s Kunlun seeking Grindr buyers as US raises national security concerns

• Chinese gaming company Beijing Kunlun Tech is seeking to sell Grindr, the popular gay dating app it has owned since 2016, after a US government national security panel raised concerns about its ownership.
• The Committee on Foreign Investment in the US has informed Kunlun that its ownership of California-based Grindr constitutes a national security risk, two sources said.
• The US has been increasingly scrutinizing app developers over the safety of personal data they handle, especially if some of it involves US military or intelligence personnel.
• Kunlun acquired a majority stake in Grindr in 2016 for US$93 million, buying out remaining shares in 2018. Grindr has hired investment bank Cowen to handle the sale process, and is soliciting acquisition interest from US investment firms and Grindr’s competitors, according to the sources.

Source: Reuters