ANKARA (Turkey), Aug. 17 (SeeNews) – Finnish entertainment company Rovio Entertainment Oy, the creator of the Angry Birds franchise, has announced that it has signed an agreement to take over the hyper-laid back Turkish games studio Ruby Games with the aim of ” increase its audience and market footprint.
The agreed acquisition in cash and shares will be phased in, the Finnish company said in a press release in early August.
Rovio will first buy a 20% stake in Ruby for $ 10 million (€ 8.5 million) in cash, with the transaction expected to close by the end of the third quarter or early in the fourth quarter of 2021. The Finnish company will then pay up to $ 80 million in cash and shares to take an additional 50% stake in October 2022. The remaining 30% will vest in five equal installments over the next five years at a valuation based on Ruby’s financial performance.
Based in Izmir, Ruby is the creator of Hunter Assassin, the world’s sixth most downloaded game in 2020. He has so far released 13 games with his portfolio also including Streamer Life, Doctor Care and Riddle Master. The company, founded in 2018, employs 34 people.
The Turkish company reported revenue of $ 7.8 million and adjusted EBITDA of $ 3.5 million in the first six months of 2021. Its total assets stood at $ 4.3 million at the end of June. After the close, Ruby will continue to be led by Founder and CEO Mert Can Kurum and will retain its headquarters in Turkey.
“This acquisition opens a new chapter for us, and Rovio’s long history and expertise in free-to-play games will help us reach higher levels,” Kurum noted in the press release.
($ = 0.8499 euros)