Bumble to go private in $1.3 billion deal with Ithaca Holdings amid dating app slump

Bumble agreed to a $1.3 billion go-private acquisition deal with Ithaca Holdings after facing a prolonged decline in user engagement and active paying users.

Bumble shares surged 56% to $5.95 in early trading following the announcement, with Ithaca offering $6.05 per share to shareholders.

Ithaca co-founders Ravi Gupta and John Hegeman are set to take over as Bumble's co-CEOs following the completion of the takeover.