Tencent acquired a 15% stake in Glu Mobile
Chinese media giant Tencent has become the owner of a 15% stake in Glu Mobile studio as a result of a “strategic investment”. The partnership agreement between the companies was announced in April 2015.
In exchange for the stake, Glu Mobile received an investment of $126 million. In addition, one of the Tencent executives, Senior Vice President of the company Steven Ma, joined the studio’s board of directors.
Glu Mobile, recall, recently announced that its assets in cash and their equivalent for the first quarter of 2015 are estimated at $65.7 million. The company owes its successful financial performance at the beginning of the year mainly to its flagship – Kim Kardashian: Hollywood. In 2014, the project brought her 31% of all revenue (non-GAAP).
Representatives of the company said that revenue (non-GAAP) in 2015 could reach $262-287 million. The profit should be from $25.3 million to $30.3 million.
Note that when Glu Mobile shared its forecasts, there was no talk of an agreement with Tencent yet. Probably, as a result of the deal with the Chinese company, the figures will change.
A source: http://www.mobileworldlive.com
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