From Breakingviews - Blackstone and Bumble are still a fitting match
last year jumped 19% to just over $900 million. The share price is a far cry from its high in 2021 right after its initial public offering. But Steve Schwarzman’s buyout shop, which backed the company before and after its IPO and still owns 40% of its equity, has aimed correctly.$3 billion
. Bumble’s enterprise value is now closer to $4 billion, but the stock is still worth two-thirds less than in 2021. Nevertheless, Blackstone doesn’t have much to sweat. The share of stock that Blackstone sold in the public offering inked it almost $2 billion. The firm nabbed another $1 billion in a secondary offer later that year. Throw in approximately $300 million in dividends, and Blackstone has already made back its investment and then some.
Its current stake, which includes a minority interest, is worth nearly $2 billion based on public market prices. The match is winning enough that Blackstone isLatest Updates
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