by
William D’Angelo
, posted 2 days ago / 949 Views
South Korean-based DoubleU Games announced it has acquired Turkish studio Paxie Games in a deal worth up to $67 million.
DoubleU Games is buying a 60 percent stake in the Merge Studio: Fashion Makeover developer for $27 million. The remaining 40 percent will be acquired for the next three years for up to $40 million.
The acquisition is to be financed through cash and treasury shares. It is expected to be closed in the first quarter of 2025.
“We believe the acquisition of Paxie Games represents a significant move to secure an expanded portfolio of new mobile gaming titles, driving growth and unlocking new opportunities,” said DoubleU Games chief financial officer Jay Choi.
“We recognise Paxie Games’ competitive edge lies in users’ extended playtime with intuitive gameplay, instant rewards and seamless integration between meta and core game mechanics. Additionally, its operational capabilities are enhanced by execution of diverse and creative live ops events.”
Paxie Games CEO Direnç Çelik added, “We are thrilled about the incredible opportunities ahead for our company. Merge Studio, our rapidly scaling hit game, is only the beginning. Through our full-scale collaboration with DoubleU Games, we are set to achieve even greater growth by expanding our portfolio with exciting new games, reaching a broader audience, and further growing our business.
“By leveraging DoubleU Games’ established marketing network in the US, we plan to drive substantial growth and expand our reach. Together, the combined expertise of Paxie Games in game development and DoubleU Games’ financial strength will pave the way for mutual success and groundbreaking innovation in the gaming industry.”
DoubleU Games is a developer of social casino games.
A life-long and avid gamer, William D’Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012 and taking over the hardware estimates in 2017. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel. You can contact the author on Twitter @TrunksWD.
