PlaySimple acquisition sets MTG for best day in 7 months

Modern Times MTG AB

02/07/2021 09:12

** Shares of Modern Times Group MTG  MTGb.ST  rise 7% after
the Swedish e-sports and gaming group announced the acquisition
of Indian word games developer PlaySimple  urn:newsml:reuters.com:*:nASN001EN0
    ** Up-front acquisition price is about SEK 3.09 billion 
($359.56 million), with performance based earn-out payments
expected to amount to SEK 1.29 bln
    ** MTG says the acquisition will significantly strengthen
its position in the casual games' genre and enable access to the
fast-growing word games genre
    ** The stock is on track for its best day since December
2020 and is among top performers on the Stockholm all-share
index  .OMXSPI 
    ** Session's rise reduces year-to-date losses to about 5%

($1 = 8.5939 Swedish crowns)

 (Reporting by Milla Nissi)
 ((milla.nissi@tr.com))