DoubleU completes $30m Paxie Games acquisition

Social casino publisher DoubleU Games has completed the acquisition of Paxie Games for an upfront fee of $29.9 million.

The deal sees the South Korean developer pick up a majority 60% stake in the Türkiye company. The remaining share is set to be purchased through an earnout structure over the next three years, with the full deal worth up to $67m.

Paxie Games’ flagship title Merge Studio: Fashion Makeover has generated 28m downloads and $34m in revenue as of the end of February. Other titles in its portfolio include Tile Star and Mahjong Infinity.

More deals incoming

DoubleU Games said the acquisition would act as a “growth engine” as it expands its operations globally. The publisher’s CFO Jay Choi said it will continue to explore further M&A deals.

“The acquisition of Paxie Games will further strengthen our competitiveness in the global gaming market,” said Choi. “We will continue to explore opportunities with high-potential companies to support our long-term growth strategy.”

Paxie Games CEO Direnç Çelik added: “We are thrilled about the incredible opportunities ahead for our company. Merge Studio, our rapidly scaling hit game, is only the beginning.

“Through our full-scale collaboration with DoubleU Games, we are set to achieve even greater growth by expanding our portfolio with exciting new games, reaching a broader audience, and further growing our business.”