The Wall Street Journal published a report stating that SEGA plans to acquire popular game developer Rovio Entertainment, the company behind the hit Angry Birds franchise. Today, SEGA confirmed its intentions to buy the company. The main purpose of this acquisition is to leverage Rovio’s live streaming expertise to bring SEGA’s “current and emerging titles to the global mobile gaming market” + expand transmedia capabilities.” SEGA wants to spend roughly $775 million to buy the company.
“SEGA Corporation (the “Company”), a subsidiary of SEGA SAMMY HOLDINGS, at a meeting of its Board of Directors held on April 17, 2023, decided to conduct a tender offer (a tender offer under Finnish law, the “Tender Offer”) for the acquisition of Rovio Entertainment Oyj (” Rovio”), a Finnish-based mobile game company, through SEGA’s wholly-owned UK subsidiary SEGA Europe Limited (the “Acquisition”), and SEGA SAMMY HOLDINGS has entered into a definitive agreement with Rovio pursuant to which Tender offer.”
“Through the tender offer, SEGA aims to acquire all of Rovio’s outstanding shares and options at EUR 9.25 per share and EUR 1.48 per option, or a total of EUR 706 million (approximately ¥103,680 million converted to EUR 1 = ¥146.9 (exchange rate as of April 14, 2023). The same exchange rate applies below). The acquisition is a friendly takeover, with which Rovio’s board of directors agreed and expressed support for the tender offer. Rovio’s stockholders, who in the aggregate hold shares corresponding to approximately 49.1 percent of the outstanding shares and votes in Rovio, have irrevocably agreed to accept the offer, subject to certain customary conditions. The acquisition is expected to close in the second quarter of fiscal year 2024/3 and is subject to completion of review under applicable antitrust laws and other customary conditions.”
