DOUBLEU Games announced on the 26th that it has completed the acquisition contract for the Turkish casual game developer Paxie Games.
DOUBLEU Games will pay $27 million (approximately 39.4 billion won) in cash and treasury stock to acquire 60% equity. The acquisition is expected to be finalized once the approval process by the Turkish competition authority commissioners is completed in the first quarter of next year. The remaining 40% equity will be gradually acquired over the next three years based on revenue growth and profit margins, with the acquisition cost paid in treasury stock.
Paxie Games is gaining attention in the 'Merge' genre, one of the casual game genres. Its representative work, Merge Studio, features simple controls and innovative 'make-over' content. The game has recorded 28 million cumulative users and approximately 41 billion won in cumulative revenue.
With this acquisition, DOUBLEU Games is entering the global casual genre and will add new games to its social casino-centered game portfolio.