Milbank LLP represented Tiga Acquisition Corp. (“TAC”), a special purpose acquisition company, in connection with a definitive merger agreement with Grindr, the number one social network for the LGBTQ+ community. The merged company, to be named Grindr Inc., will be a publicly listed company with an expected enterprise value of US$2.1 billion upon closing.
The transaction is estimated to raise up to $384 million, including approximately $284 million of TAC’s cash in trust and up to $100 million of cash equity in a forward purchase agreement. The transaction is expected to close in the second half of 2022, subject to regulatory and stockholder approvals.
Founded in 2009, Grindr has grown into an iconic, leading platform designed to empower the LGBTQ+ community, now boasting more than 11 million monthly active users. Grindr’s entrance to the public markets through the merger with TAC aims to further support the community by contributing to the growth of the social network, including through launching new projects and continuing to foster digital connection and engagement between LGBTQ+ people.
TAC is a Singapore-based blank check company. It was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or simple business combination.
The Milbank deal team was led by David Zemans, Managing Partner of the firm's Singapore office and Asia Practice; Terrence O'Donnell, special counsel and member of the Global Capital Markets Group in Singapore; Rod Miller, partner in the Capital Markets Group in New York; and Neil Whoriskey, partner in the Global Corporate Group in New York. The team also included associates Andre Seah and Kelvin Tan both in the Singapore office.
