Blackstone Group is set to acquire 75% of direct-to-consumer genetic testing firm Ancestry from its former equity holders in a $4.7 billion deal.
Ancestry currently generates $1 billion in revenue annually.
It has over 3 million paying consumers.
Consumer demand for DTC genetic tests has been on a downswing since 2019.
Consumer disinterest is likely being compounded by the fact US consumers are spending less amid the pandemic-induced economic slowdown.