MTG received a controlling stake in InnoGames

Swedish media company Modern Times Group (MTG) has brought its stake in the German mobile developer and publisher InnoGames to 51%.

MTG first invested in InnoGames in October last year, buying a 35% stake for €90 million. The company paid €82.6 million for the remaining 16% of the shares.

With the acquisition of InnoGames, MTG intends to build a new vertical related to the development of computer games.

InnoGames earned €130 million in 2016, increasing revenues by 25% compared to last year. The publisher’s financial indicators have been growing for the third year in a row due to the transition from browser games to mobile projects.

The publisher is known for such titles as Forge of Empires, Tribal Wars, Elvenar and others.

Modern Times Group considers the gaming business an important part of its plans for the future. The company has been actively investing in esports for several years.

In 2015, MTG bought the organizing company of the Swedish esports festival DreamHack and acquired 72% of the shares of the European esports league ESL.

Source: Games Industry