DoubleU Games acquires the developers of Merge Studio for $67 million
The South Korean company DoubleU Games, specializing in social casinos, has decided to diversify its portfolio. The company announced the acquisition of Turkish studio Paxie Games — the creators of mobile merge puzzles.
Merge Studio
The deal will occur in several stages: DoubleU Games will first acquire only 60% of Paxie Games, with the remaining shares to be purchased over three years if the studio meets certain financial targets. The first stage of the deal is expected to close at the beginning of 2025.
The maximum purchase price could reach $67 million, with the final amount depending on Paxie Games' performance. Of this, $27 million in cash and DoubleU Games shares will be transferred immediately as an advance.
Founded in 2021, Paxie Games develops mobile games in the merge-2 genre. They have released three titles, the most famous being Merge Studio. According to Sensor Tower estimates, since its release in March 2022, Merge Studio has accumulated 28 million downloads and earned $28 million.
