- (PLX AI) - Rovio Entertainment to acquire hyper-casual game studio Ruby Games.
- • Ruby Games is the creator of the hit game, Hunter Assassin, the sixth most downloaded game in the world in 2020
- • Under the terms of agreement, Rovio will acquire Ruby Games in multiple tranches.
- • In the first tranche Rovio will acquire 20% of Ruby's shares for USD 10 million in cash.
- • In October 2022, in the second tranche Rovio will acquire 50% of Ruby's outstanding shares for an amount that is dependent on Ruby's financial performance as measured by revenue and EBITDA in the previous 12-month period before October 2022, however, not exceeding USD 80 million
- • The second tranche will be paid 60% in cash and 40% in Rovio's shares
- • The remaining 30% of Ruby's outstanding shares will be purchased in five equal tranches over the next five years with a minimum of 50% in cash and rest in cash or shares at a valuation based on Ruby's financial performance measured by EBITDA for each period, however not exceeding total EBITDA generated during this period