MTG acquired Hutch Games.
MTG has enhanced its portfolio of gaming companies by acquiring London-based mobile games studio Hutch Games which is quite famous for its mobile racing games. Modern Times Group has acquired Hutch for an expected $375 million of which $275 million will be paid upfront and the rest of the payment which is $100 million will be paid in earn-out payments.
Hutch Games is famous for F1 Manager, Rebel Racing, and Top Drives will now be under a holding company formed by MTG known as GamingCo. The company released a statement about the acquisition that said, “The acquisition of Hutch is in line with our strategy to build up a portfolio of high-quality gaming companies and marks the beginning of a new journey with the ambition for further organic and acquisitive growth for MTG.”
Talking about the competition increase in the gaming world, Maria Redin MTG Chief Executive said, “What’s really important for us is to continue to focus on the type of companies we want to acquire.”
MTG is keeping a close eye on the companies and is continuously eyeing new opportunities. Arnd Benninghoff, Executive VP of Gaming & Esports weighed in on MTG’s strategy and said that MTG has a strong M&A pipeline with 15 shortlisted companies.
Hutch witnessed an increase of 158% year-on-year during the first nine months of the current year. The CEO of Hutch Games also released a statement and said, “We are excited to join MTG—in them we have found a home that believes in our values, supports us in our mission and can help take our company and our games to the next level.”
MTG has come up with a new company known as MTG gaming which would be responsible for future acquisitions of gaming companies like Hutch and all its shares in the gaming firms InnoGames and Kongregate.