Jordan-based gaming studio Jawaker, which develops online card games, has been acquired by global gaming company Stillfront Group in a $205 million deal. This acquisition also marks the third time that the Swedish company has purchased an Asia-based company in the last two months.
Stillfront Group said it will pay 74% of the purchase price in cash and the rest in stock. It will raise $116 million in additional equity to fund the deal. With this agreement, the Swedish company plans to strengthen its activities in the MENA (Middle East and North Africa) region and develop in the category of free-to-play games. The deal is expected to be completed by October.
Jawaker was founded in 2009 in Jordan by Mohamad Hasan and Yousef Shamoun and is currently based in Abu Dhabi. It is also a mobile game studio with one of the world’s largest classic PvP (Player vs. Player) titles, focusing on board and card games and other popular games specific to the region.
Jawaker’s acquisition is the second MENA acquisition after Stillfront acquired Jordan-founded Babil Games for $17 million in 2016.
The company’s Co-Founder and CEO, Mohamad Hasan, made the following comments after the acquisition:
“Since its humble beginnings 12 years ago, Jawaker has always maintained its belief that stable and profitable growth can deliver meaningful long-term results. The best investment we have made in years has been in our culture. It is the environment that unlocks the potential of our truly inspiring team that has made Jawaker what it is today.”
Stillfront CEO Jörgen Larsson said the company sees significant scaling potential for Jawaker and opportunities to increase user acquisition among the Arabic-speaking population both in the MENA region and worldwide.
“We continue to be impressed by the strong growth and incredible talent we’ve seen in the region over the last five years. Jawaker’s expertise in the region complements Babylon’s expertise in both genre mastery and regional reach, making them a perfect strategic fit for Stillfront and creating several growth opportunities going forward.”