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SEGA Corp., a subsidiary of Sega Sammy Holdings, has acquired Rovio Entertainment Oyj, a Finnish video game developer that is well-known for its “Angry Birds” game title. The deal is said to be worth $776 million or about €706 million.
The Japanese gaming giant said on Monday, April 17, that during the meeting of its Board of Directors, it has resolved to implement a tender offer to acquire Rovio Entertainment Oyj. This also means that Sega Sammy Holdings has entered into a definitive agreement with the Finnish game developer to which the Tender Offer is made.
According to CNBC, Rovio’s board supported the tender offer, and the deal is for the entire outstanding shares and options of Rovio. The offer has valued the company’s stocks at €9.25 per share, which is approximately a 19% premium to their closing price before the announcement of the acquisition by Sega.
Sega is best known for its Sonic the Hedgehog game franchise and gaming devices. It was very popular in the 1990s, and today, it continues to do business in the gaming industry.
Through its acquisition of Rovio, the company wants to use the deal to broaden and bolster its presence in the mobile gaming market. Sega also said it would utilize its live-operated mobile game development expertise to amplify the development of mobile-based versions of its existing game titles.
“Through the Tender Offer, SEGA aims to acquire the entirety of Rovio’s outstanding shares and options at EUR 9.25 per share and EUR 1.48 per option, or EUR 706 million in total,” Sega Corp. said in a press release. “The Acquisition is a friendly takeover, as Rovio’s board of directors has agreed to, and has expressed support towards the Tender Offer. Shareholders in Rovio who in aggregate hold shares corresponding to approximately 49.1% of the outstanding shares and votes in Rovio, have irrevocably undertaken to accept the Offer, subject to certain customary conditions.”
The company further stated that the acquisition deal is expected to close within the second quarter of the fiscal year 2024/3. Sega noted that the completion is still subject to reviews under applicable antitrust laws and other customary conditions.
