DoubleU Games Signs Agreement to Acquire Turkish Game Studio Paxie Games

Foreks - Leading game developer DoubleU Games has signed an agreement to acquire Turkish game studio Paxie Games, the developer of Merge Studio: Fashion Makeover. According to a statement from DoubleU Games, the company will initially purchase a 60% stake for $27.0 million. The remaining 40% will be acquired over three years, contingent upon meeting certain financial targets, with full ownership achieved by the end of the third year. The acquisition will be financed through a combination of treasury shares and cash. The deal is expected to close in the first quarter. The company's CFO Jay Choi stated, "We believe that the acquisition of Paxie Games is a significant move to secure an expanded portfolio of new mobile game titles, drive growth, and unlock new opportunities."