Bumble to repurchase $100M in shares and units from Blackstone

In a regulatory filing yesterday, Bumble (BMBL) disclosed that on December 3, the company and Buzz Holdings L.P. entered into an agreement with certain entities affiliated with Blackstone (BX) whereby the company agreed to repurchase 4,012,101 shares of its Class A common stock, beneficially owned by Blackstone and Bumble Holdings agreed to repurchase from Blackstone 3,192,146 limited partnership interests in Bumble Holdings, which are exchangeable for shares of Class A Common Stock on a one-for-one basis, in a private transaction at a price per Equity Interest of $13.8807, for an aggregate purchase price of $100.0M. “The repurchase of the Equity Interests pursuant to the Share and Unit Repurchase Agreement will be made under the company’s existing share repurchase program. As of December 3, after giving effect to the repurchase of the Equity Interests pursuant to the Share and Unit Repurchase Agreement, approximately $143.0M of authorization remains available under the share repurchase program. The Share and Unit Repurchase Agreement contains customary representations, warranties and covenants of the parties. The transaction is expected to close by December 7. The Share and Unit Repurchase Agreement also contemplates certain lock-up restrictions on future sales by Blackstone of shares of Class A Common Stock or securities convertible into or exchangeable for shares of Class A Common Stock, including, without limitation, the Units, until the company makes public a press release announcing the company’s earnings for the fourth quarter ended December 31, 2023,” the filing stated.