Playstudios bought back its shares from Microsoft for $24.6 million
Playstudios, specializing in social casino games, announced that Activision no longer holds its shares. It repurchased them from Microsoft, Activision's parent company.
Playstudios bought back 11,677,398 of its shares from Microsoft, reducing the number of its outstanding shares by 8.6%. It paid $2.11 for each share, with the total transaction amounting to $24.64 million.
In its report to the U.S. Securities and Exchange Commission, Playstudios reminded that it previously launched a significant stock buyback program worth $50 million. The transaction with Microsoft was part of this program. The company expects that the stock buyback will help improve its financial position.
Activision acquired Playstudios' shares in early 2021 when Playstudios went public. The deal's amount was not disclosed, but rumors suggested that Activision paid $100 million. Activision itself denied these rumors.
