Nordic free and pay TV broadcaster Modern Times Group has completed its previously announce acquisition of 21% of InnoGames, the Germany-based online games developer and publisher. MTG will acquire a further 14% of InnoGames during 2017.
The acquisition of a total stake of 35% in InnoGames is based on a total enterprise value of €260 million for the company.
MTG has the right to acquire a further 16% of InnoGames at the same valuation up until the end of September 2017, as well as options to increase the shareholding further over time.
MTG will report its share of InnoGames’ net income as associated company income (EBIT) within its MTGx operating segment with effect from today.
MTG’s investment adds gaming as a third vertical to MTG’s digital division MTGx – alongside eSports businesses ESL and DreamHack, and MTG’s multichannel network (MCN) investments in Zoomin.TV and Splay.
Jørgen Madsen Lindemann, MTG President and CEO said: “Our MTGx division is now present in three complementary digital storytelling verticals, each of which offers truly global potential. InnoGames is a perfect fit for our strategy of investing in relevant, complementary and scalable digital brands, content and communities. We are looking forward to working with the talented InnoGames team to build on their successful track record.”
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