Sega agrees to acquire Angry Birds maker Rovio Entertainment for $776.2M
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Sega has agreed to acquire Angry Birds maker Rovio Entertainment for $776.2 million (706 million euros) as the consolidation in gaming continues.
Sega, a division of Sega Sammy Holdings in Tokyo, said it plans to make a tender offer to acquire the Finnish company through the Sega Europe subsidiary and it has entered into a definitive agreement with Rovio. Sega said the deal will enable a global expansion of its consumer business through the boost that Rovio will give to its mobile gaming capabilities.
The deal comes 12 days after Saudi Arabia’s Savvy Gaming Group agreed to buy mobile game maker Scopely for $4.9 billion. This is part of an ongoing consolidating in games that has been going on for years and has featured deals such as Microsoft’s $68.7 billion pending bid for Activision Blizzard. But mobile game companies in particular have been vulnerable to acquisitions because growth has stalled and Apple has made the business less profitable with its focus on privacy over targeted ads.
Through the deal, Sega aims to acquire all of Rovio’s outstanding shares and options at 9.25 euros per share and 1.48 euros per option, or 706 million euros. The amount is less than the $1 billion estimated in a news story from the Wall Street Journal last week.
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The acquisition is a friendly takeover, as Espoo, Finland-based Rovio’s board of directors has agreed to, and has expressed support towards the tender offer, Sega said.
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