Mobile video gaming giant Zynga has agreed to acquire Istanbul, Turkey-based Peak, which is behind such games as 'Toon Blast' and 'Toy Blast,' for $1.8 billion in cash and stock. Details:
San Francisco-based mobile video gaming giant Zynga said Monday it has entered into a definitive agreement to acquire Istanbul, Turkey-based mobile games firm Peak, which is behind the likes ofPeak will bring a 100-person strong team to the company, adding "significant scale to Zynga’s live services" and becoming an "additional driver of margin expansion over the coming years.
Founded in 2010 by Sidar Sahin, Peak "also enhances Zynga’s new game pipeline with additional projects in early development," the firms said. "Peak is one of the world’s best puzzle game makers and we could not be more excited to add such creative and passionate talent to our company," said Zynga CEO Frank Gibeau. "With the addition of, we are expanding our live services portfolio to eight forever franchises, meaningfully increasing our global audience base and adding to our exciting new game pipeline. As a combined team, we are well positioned to grow faster together.
"This is a monumental partnership not only for Zynga and Peak, but for the whole mobile gaming industry,” said Sahin, founder and CEO of Peak. "Both companies share a common vision -- to bring people together through games. Peak’s culture is rooted in relentless learning and progress, so as we embark on this new chapter in our journey together with Zynga, we remain as committed as ever to our unique culture.
Zynga will acquire Peak for $1.8 billion, comprised of approximately $900 million in cash and approximately $900 million of Zynga stock. The transaction is expected to close in the third quarter.
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