Playtika earmarks up to $1.2bn for mergers and acquisitions
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Playtika has halted its search for a buyer and aims to spend $1.2 billion on M&A activity over the next three years.
The company made its capital allocation announcement during its newly released Q4 2023 earnings.
Playtika attributed its decision to pause its buyer search due to "ongoing uncertainty in Israel and Ukraine."
Its earnings report also said that the mobile firm's revenue hit $638 million during its fourth quarter, up 1% year-over-year.
Regarding the shift to M&A activity, as reported by MobileGamer.biz, Playtika president and CFO Craig Abrahams said on its earnings call, "We do see this environment as one that is a great setup for consolidation."
"The maturing of the market, the difficulty a lot of the smaller companies have with the advertising market…we think we're well positioned."
Additionally, the mobile firm said that it will continue its new game development pause, which was announced a year ago.
During the same earnings call, CEO and founder Robert Antokol said that Playtika has not had a good track record with creating new titles.
"Our DNA was always M&A, and we did very well with M&As in the last 10 years," he said.
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