Bumble said on Tuesday, Oct. 13, that it has agreed to be bought by Ithaca Holdings and taken private, and the deal values the dating app at $1.3 billion, TechCrunch and Reuters reported.

Ithaca will pay $6.05 a share in cash; Reuters said that is 122% more than Bumble's closing price on June 24. That was the day before reports first said the company was exploring a sale.

Ithaca describes itself as a long-term holding company for lasting tech businesses. Its co-founders, Ravi Gupta and John Hegeman, will become Bumble's co-CEOs after the deal closes; founder Whitney Wolfe Herd said she plans to stay closely involved.

"In Ithaca, we have found a partner who shares our vision, believes in our women-first mission, and is committed to investing in Bumble's future," Wolfe Herd said in a statement.

A special committee of Bumble's board reviewed the company's options with outside legal and money advisers. It then recommended the deal; TechCrunch said Wolfe Herd did not take part in the board's talks or vote.

Bumble has struggled for years; TechCrunch said the company has dealt with falling subscriber numbers and lower revenue. Younger users are changing how they date, Reuters noted; going private could give Bumble room to try new ideas without reporting to stock investors every quarter. The company has been testing AI tools and a feature called Plans, which helps people meet through real-world activities. Wolfe Herd also recently said the company is building a new way for users to connect that could one day replace swiping, TechCrunch reported.

What we know: Ithaca will pay $6.05 a share, about $1.3 billion in all, and its founders will run Bumble.
What we don't: When the deal will close, and whether shareholders and regulators will approve it.