Sega Sammy to buy Angry Birds maker Rovio for 706 mln euros (updated)
17/04/2023 08:23
(Updates with official announcement)
TOKYO, April 17 (Reuters) - Japan's Sega Sammy Holdings
Inc 6460.T said on Monday it planned to acquire Finland's
Rovio Entertainment Oyj ROVIO.HE for 706 million euros ($776
million) to spur its growth in the fast-expanding global mobile
gaming market.
Sega Sammy will offer 9.25 euros for each share of the
company behind the mobile game Angry Birds, a 19% premium over
Friday's closing price, in its tender offer bid set to be
launched around May 8.
"In 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," Sega Sammy CEO Haruki Satomi said in a statement.
"I feel blessed to be able to announce such a
transaction with Rovio, a company that owns 'Angry Birds', which
is loved across the world."
Ahead of the official announcement, shares in Sega
Sammy, which offers the action game series "Sonic the Hedgehog",
closed down 4.2% in a broader market .N225 that was
virtually unchanged.
Sega Sammy shares came under pressure after the company
said on Monday morning that it was considering acquiring Rovio
amid investor doubts about synergy prospects.
Acquiring Rovio will likely make it easier for Sega
Sammy to expand in mobile gaming, but the lack of blockbuster
products other than "Angry Birds" keeps investors cautious, Toyo
Securities analyst Hideki Yasuda said.
Rovio received a 683 million euro takeover bid in
January from Israeli peer Playtika Holding Corp 8II.F , but the
talks were called off last month.
($1 = 0.9102 euros)
(Reporting by Kiyoshi Takenaka; editing by Himani Sarkar and
Jason Neely)
((kiyoshi.takenaka@thomsonreuters.com; +81 3 4563 2788;))