DoubleUGames to buy U.S. game developer
SEOUL-- DoubleUGames Co., a South Korean game firm listed on the tech-heavy KOSDAQ market, said Tuesday it plans to purchase a U.S. developer at a deal estimated at 942.5 billion (US$830 million).
DoubleUGames will purchase Double Down Interactive LLC, a developer of social casino games, marking the largest overseas acquisition ever conducted by a South Korean game firm.
Double Down Interactive, the world's top developer of social casino games, posted annual sales of $277 million in 2016. The figure hovers above the 155.6 billion won (US$137.1 million) posted by DoubleUGames last year.
The deal will allow the South Korean firm to control 10.8 percent of the global market for social casino games.
Shares of DoubleUGames shot up to the daily permissible limit of 29.89 percent at 52,800 won on the secondary bourse on Tuesday.
Source: Yonhap News Agency