Original Story: LA mobile gaming outfit Jam City is set to acquire Canadian studio Ludia before merging with special purpose acquisition company (SPAC) DPCM Capital to go public.
As reported by Bloomberg, people close to the matter - that wished to not be identified - claimed that the combined valuation of the company would be around $1.2 billion.
South Korean mobile developer Netmarble, which is already an investor in Jam City, was said to have helped raise support for a $100 million private placement.
The purchase of Ludia was estimated to be around $175 million, according to the sources.
One of its biggest hits was the location-based augmented reality game Jurassic World Alive, grossing $40 million within nine months of launch.
Founded in 2010 by MySpace co-founder Chris DeWolfe, Jam City has achieved large success with mobile titles such as Cookie Jam, Disney Emoji Blitz and Harry Potter: Hogwarts Mystery.
The latter of recently surpassed $300 million from player spending.
DPCM Capital was founded in 2020 by former Uber senior vice president of business Emil Michael.
PocketGamer.biz has reached out to Jam City and Ludia for comment.
We previously spoke with Jam City product marketing manager Christie Genochio regarding the four-year anniversary of Disney Emoji Blitz.