My.Games has acquired a controlling stake in mobile game studio Deus Craft for as much as $49.1 million.
The deal gives My.Games, the gaming division of Russia’s Mail.ru Group, control of 51.1% shares of Deus Craft.The deal includes an upfront payment of $14.1 million and a deferred payment of up to $35 million payable in April 2021. It’s one more sign of massive activity for acquisitions in games during the pandemic.
The payout will go through only if the studio reaches monthly revenue of $15 million by the end of the first quarter of 2021. The transaction is expected to be completed this month.
Deus Craft has offices in Moscow, St. Petersburg, and Novosibirsk in Russia, and employs more than 70 people. The company’s current game, Grand Hotel Mania, was released in July 2020 and in August ranked second among mobile games in terms of revenue in the time management category on iOS and Android. The game was particularly successful in the United States accounting for more than 50% of the total revenue of the product in September.
Deus Craft has two more mobile games in development, with expected release within the next 12 months. Since 2016, My.Games has completed 31 deals with partner studios in 14 cities around the world.
Source: Read Full Article