Kakao Games to Acquire 39.56% of Mitoon for $70.8 Million, Securing Control
Summary
- Kakao Games said in a regulatory filing that it will acquire a 39.56% stake in Mitoon for about $70.8 million to secure management control.
- Mitoon posted about $87.3 million in revenue and about $9.1 million in operating profit last year, with overseas sales accounting for more than 80% of the total.
- Kakao Games said it plans to expand synergies through Mitoon's content and IP, joint development with Chinese studios, and additional M&A.
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Kakao Games Corp. will acquire South Korean casual game developer Mitoon.
The company said in a regulatory filing on Sept. 15 that it will acquire a 39.56% stake in Mitoon for about $70.8 million, securing management control. The share purchase is scheduled for Nov. 16. Once the deal closes, Kakao Games will become Mitoon's largest shareholder.
Founded in 2010, Mitoon operates social casino, casual game and mind sports businesses across Asia, North America and Europe. The company posted revenue of about $87.3 million and operating profit of about $9.1 million last year. Overseas sales accounted for more than 80% of the total.
Kakao Games plans to expand its business by leveraging Mitoon's content and intellectual property, including dramas, webtoons and web novels. It also plans to increase synergies through joint development with Chinese studios and pursue additional mergers and acquisitions.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.