DoubleU Games, a South Korean mobile game developer known for its social casino titles, has officially completed its acquisition of Turkish game studio Paxie Games.
The deal, initially announced in December 2024, was finalized today, March 26th, after receiving merger clearance from Turkish authorities.
The acquisition sees DoubleU Games make an upfront payment of $29.9 million for a 60% stake in Paxie Games. The remaining ownership will be acquired through an earnout structure over the next three years. This strategic move is aimed at fueling DoubleU Games’ global growth and expanding its network in the burgeoning casual gaming market.
Paxie Games is the creator of the popular Merge 2 genre game, Merge Studio: Fashion Makeover. This flagship title has demonstrated impressive global success, boasting over 28 million downloads and $34 million in cumulative revenue as of the end of February. The game cleverly blends character makeover gameplay with engaging merge puzzle mechanics, appealing particularly to a female audience. Paxie Games also has other live titles in its portfolio, including Tile Star and Mahjong Infinity.
Jay Choi, CFO of DoubleU Games, expressed enthusiasm about the acquisition, stating it will “further strengthen our competitiveness in the global gaming market.” He also indicated the company’s intent to continue exploring opportunities with high-potential companies to support long-term growth.
Direnç Çelik, CEO of Paxie Games, shared his excitement about the future, highlighting the “incredible opportunities ahead” through their collaboration with DoubleU Games. He believes that with DoubleU Games’ support, they can achieve even greater growth by expanding their game portfolio and reaching a wider audience.
This acquisition underscores the increasing significance of the Turkish mobile game industry on the global stage. The region is recognized as a hub for innovative small and medium-sized gaming studios, attracting considerable M&A activity. Notably, Zynga’s $1.8 billion acquisition of Turkish developer Peak Games in 2020, known for hits like Toon Blast and Toy Blast, highlights the market’s potential.
DoubleU Games was Founded in 2012 and listed on the KOSPI in 2019, DoubleU Games is a Korean company specializing in developing and servicing competitive mobile social casino games worldwide. They also acquired DoubleDown Interactive Co., Ltd. in 2017, establishing a strong presence in the global social casino market.
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