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Paxie Games, a Turkish game developer best known for Merge Studio: Fashion Makeover, is set to be acquired by DoubleU Games Co., Ltd. DoubleU will initially purchase a 60% stake in the $27 million deal, with full ownership anticipated within three years, provided Paxie Games meets certain financial targets. The deal is scheduled to close in the first quarter of 2025 and is financed by a combination of cash and treasury shares.
With this acquisition, DoubleU Games enters the quickly growing Merge-2 game market. One of the best in this field, Paxie Games, has a lot of downloads and steady income growth. Paxie Games consistently places in the top five of the Merge-2 category, per Sensor Tower.
By taking this action, DoubleU Games will reach a noteworthy milestone: the first release of its critically praised games in South Korea. The business, which presently generates all of its revenue from outside sources, sees the transaction as a crucial step in diversifying its holdings and bolstering its position in the market.
“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 Jay Choi, Chief Financial Officer of DoubleU Games.
Paxie Games CEO Direnç Çelik expressed enthusiasm about the partnership. “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,” Çelik stated.
Paxie Games hopes to greatly increase its reach by utilizing DoubleU Games’ well-established marketing network in the United States. By combining DoubleU’s financial resources with Paxie’s game production experience, the partnership will open the door for innovation and mutual success in the gaming sector.
Istanbul-based Arma Capital handled the transaction’s advisory services, and DoubleU Games’ legal counsel was BASEAK.