ESL owner Modern Times Group has spent €82.6 million ($90.1 million) to increase its stake in mobile games developer InnoGames to 51%.
MTG had previously acquired a 21% stake in the company back in October 2016. Both deals operated on a valuation of €260 million for InnoGames, meaning MTG has now spent over €130 million in acquiring its majority share.
The time to buy is certainly now – Innogames saw revenues of €139 million in 2016, growing 25% annually and beating its own expectations. Its compound annual revenue has also grown 20% over the last three years.
Great business, great products
"InnoGames is a great business with great products, and is already performing above our expectations when we made our original investment," said MTG President and CEO Jørgen Madsen Lindemann.
"We have got to know the talented InnoGames team very well over the past six months and are impressed with the strategy, culture, performance and management of the business."
InnoGames CEO Hendrik Klindworth added: "We established InnoGames to make great games that people want to play for decades, and we have already created six games played by millions of gamers every single day.
"With MTG on board, we will keep our entrepreneurial spirit and unique culture, while bringing our new games to an even bigger global audience."
InnoGames has also been busy making its own acquisitions since the first shares sale. It picked up the Warlords IP from Wooga in February 2017 with plans to develop it further and keep it active for years to come.