By Harshita Mary Varghese Oct 13 (Reuters) - Bumble is set to go private in a $1.3 billion deal with Ithaca Holdings after struggling for years to revive growth, as a prolonged decline in users and shifting Gen Z dating habits batter the online dating industry.

Bumble has agreed to be taken private by Ithaca Holdings for $6.05 a share in cash, valuing the dating app at about $1.3bn.

Austin-based dating app Bumble Inc. is being acquired by an investment firm in a $1.3 billion deal that will take the company private.

Bumble is going private with 2 new co-CEOs. They'll be the first men to lead the "women-first" dating app since it went public.

Bumble is set to go private in a $1.3 billion deal. Founder Whitney Wolfe Herd is not leaving the company behind.

Bumble's growth has stagnated in recent years as younger people have moved away from online dating platforms. The company's revenue fell 15.2% year over year to $210.5 million in the second quarter, driven by a 16.4% decline in total paying users to 3.2 million.

Bumble surged nearly 50% in a single session on a report that the dating app could go private at a fraction of its 2021 launch valuation, but the deal structure leaves shareholders guessing whether they stand to gain anything at all.

Bumble Inc. (NASDAQ:BMBL) has agreed to be acquired by Ithaca Holdings in a $1.3 billion transaction, offering shareholders a substantial premium and setting the dating platform o

Bumble announced on October 13 that it had agreed to be acquired by technology investment firm Ithaca Holdings for $1.3 billion.

Bumble’s revenue and paying user base have shrunk as the dating-app company agrees to a $1.3 billion deal to go private.