Mobile games publisher Zynga has been busy raising cash and spending it over the last few years, and now it aims to generate a further $600 million.
It plans to do this through a proposed private offering of $600 million of convertible senior notes. The notes will be convertible into cash, shares of Zynga’s Class A common stock or a combination of the two.
Zynga intends to use much of the money for “capital expenditures, the repayment of debt and potential acquisitions and future transactions”. It said however that there is not currently a specific acquisition in line for which to spend the money on.
The news comes shortly after the publisher sold its San Francisco HQ in a deal worth $600 million. The building was initially bought in 2012 for $234 million.
Zynga has spent big money on recent acquisitions. In May 2018 it splashed $250 million on Merge Dragons developer Gram Games, while in December 2018 it picked up Finland’s Empires & Puzzles studio Small Giant Games for $560 million.
Following strong performances from both studios’ flagship games, those deals are now said to be worth even more.