Blackstone Group Inc. (BX) said on Friday, Nov. 8, it would pay an undisclosed price for a majority stake in MagicLab LLC, which runs dating and social network apps Bumble, Badoo and others.

While the terms were not released, the companies said the transaction values MagicLab at $3 billion. Blackstone Growth, the growth equity investment unit of the PE giant set up in January, is the investor.

As part of the deal, MagicLab will tap Bumble founder and CEO Whitney Wolfe Heard as its new CEO. MagicLab’s current CEO, Andrey Andreev, who founded the company in 2006, will sell his stake in the company and step down.

Andreev said he plans to “embark on a new business venture in search of innovative leaders with new and exciting ideas,” according to a statement.

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