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Russian Federation : Mail.ru Group buys gaming startup.

The LSE-listed Mail.ru Group has bought the entire stake in the gaming startup Pixonic for $30 million in cash.

The acquisition price includes $20 million upfront and $10 million deferred and based on performance indicators.

Gaming is one of the group's major activities, and its portfolio is comprised of several MMOs, social and mobile games. Among the most popular ones are Skyforge, Legend: Legacy of the Dragons, Allods Online, Lovely Farm, Evolution: Battle for Utopia, Jungle Heat, Warface, ArcheAge, Perfect World, and more.

The move will allow Mail.ru Group to access a major new audience that is spending money on free-to-play apps in the $36.6 billion global mobile-gaming sector.

Mail.Ru Group's CEO, Dmitry Grishin, said, "We are very pleased to be adding one of the worlds most talented teams of mobile games developers. There is a clear strategic fit here and we look forward to working together to strengthen our international mobile games development and publishing, and take the companys games to even further success."

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Publication:Mena Report
Date:Oct 8, 2016
Words:182
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