Rovio acquires 100% of Ruby Games, a hyper-casual studio based in Izmir. According to the agreement, this acquisition will consist of multiple stages.
Acquisition consists of multiple stages
Rovio will acquire a 20% stake in Ruby for $10 million in the first phase. In October 2022, 50% of the company will be purchased, not exceeding $80 million, considering Ruby’s last 12-month performance. The second phase of the purchase will be 60% cash and 40% stock. The remaining 30% will be made in 5 years with 5 equal purchases, at least 50% of the shares.
Ruby Games is a company with an exciting portfolio of popular hyper-casual games that have been downloaded over 600 million times. Ruby Games is also the creator of the hit game Hunter Assassin, which in its own right was the sixth most downloaded game in the world in 2020.
Rovio has a strong growth strategy, and some of that growth will come through mergers and acquisitions like this one. The acquisition of Ruby Games marks Rovio’s entry into the rapidly growing hyper-casual market and brings a highly talented team with a substantial developer network into the Rovio herd.
Ruby Games will also significantly increase Rovio’s target audience and daily active users. Ruby Games will continue to be managed by its founder and CEO, Mert Can Kurum. In addition, the company’s headquarters will be in Izmir, Turkey.
Ruby Games CEO Mert Can Kurum’s comments are as follows:
“It’s exciting to be part of the company that created Angry Birds, one of the world’s most beloved mobile game brands, and we’re proud to join Rovio. This acquisition opens a new chapter for us and further enhances Rovio’s long history and expertise in free-to-play games. We look forward to working with other Rovio studios and sharing our knowledge and expertise.”
Mobidictum contacted to get the details of the deal.