In May 2022, Grindr, the No.1 social network for the LGBTQ+ community, announced that it has entered into a definitive agreement to merge with Tiga Acquisition Corp. (NYSE: TINV) (TAC), a special purpose acquisition company.
The combined company, which will be named Grindr Inc., is expected to have a post-transaction enterprise value of $2.1 billion. Cash proceeds raised will consist of TAC’s approximately $284 million (mn) of cash in trust and up to $100 mn in additional cash equity from a forward purchase agreement. The business combination is expected to be completed in the second half of 2022.
The Duff & Phelps Opinions practice of Kroll, LLC advised the Special Committee of the Board of Directors of Tiga Acquisition Corp. and rendered a fairness opinion in connection with the transaction.
About Tiga Acquisition Corp.
TAC is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Milbank LLP served as legal counsel to TAC and Morris, Nichols, Arsht & Tunnell LLP served as legal counsel to the Special Committee of the TAC Board of Directors.
With roughly 11 million monthly active users in virtually every country in the world, Grindr has grown to become a fundamental part of the LGBTQ+ community since its launch in 2009. The company continues to expand its ecosystem to enable gay, bi, trans and queer people to connect, express themselves, and discover the world around them. Grindr is headquartered in West Hollywood, California. The Grindr app is available on the App Store and Google Play. Cooley LLP served as legal counsel to Grindr.
Empowering the LGBTQ+ Community
Grindr is the world's largest social networking app for gay, bi, trans, and queer people. The company is highly profitable, and has a large and untapped global TAM with attractive user demographics. Its core market is growing rapidly. Grindr is the clear brand leader in its space as a global LGBTQ+ platform with unparalleled user engagement and industry-leading privacy practices. Its hyperlocal, location-based interface surfacing real-time connections drives a powerful engagement engine, rapidly growing its users and enabling user-motivated product innovation.
The transaction will further serve Grindr and the LGBTQ+ community by supporting growth, launching new endeavors and continuing their purposeful work to advance the best interests of the global LGTBQ+ community.