Rovio Entertainment Oyj ROVIO, -0.05% said Monday it has agreed to a 706 million euro ($776.1 million) takeover deal from Sega.
The Wall Street Journal had earlier reported that Sega Sammy Holdings Inc. 6460, -2.78% was nearing a deal to acquire the company behind the “Angry Birds” mobile game.
Sega Sammy was created in 2004 through the merger of Japanese slot-machine company Sammy Corp. and Sega Corp., the videogame maker behind the character Sonic the Hedgehog.
The deal sees Sega pay EUR9.25 in cash for each Rovio share, as well as EUR1.48 in cash for each Rovio option.
Rovio had been talks with Israel’s Playtika Holding Corp. regarding a potential EUR8.50 a share takeover of the company, but talks ended last month without a deal.
“Among the rapidly growing global gaming market, the mobile gaming market has especially high potential, and it has been Sega’s long-term goal to accelerate its expansion in this field,” said Sega Chief Executive Haruki Satomi.
“Through combination of both companies’ brands, characters, fanbase, as well as corporate culture and functionality, there will be significant synergies created going forward.”
Rovio has recommended that shareholders accept Sega’s offer, and said shareholders representing 49.1% of the shares and votes have undertaken to accept the deal.
The deal is expected to complete in the third quarter of 2023.
Write to Dominic Chopping at [email protected]
