Chinese gaming company Beijing Kunlun Tech Co Ltd recently published an announcement, stating that the company will sell 98.59% stake in Grindr to San Vicente Acquisition LLC for about CNY4.215 billion, which is about USD608.5 million.

Grindr is a dating app for homosexuals.

Kunlun said that the company would use the money gained from the transaction to replenish liquidity and invest in new strategic business. The company will continue to develop Internet core business and invest in Internet AI development strategy.

Kunlun first invested in Grindr on January 8, 2016 and the Chinese company acquired a 61.53% stake for USD93 million. On May 22, 2017, it acquired additional 38.47% stake for USD152 million. After the transaction, Kunlun gained the full control of Grindr.

According to the report, Kunlun is expected to gain investment earnings of about CNY3.164 billion with the transaction.