Netflix to acquire Finnish mobile game developer for $72 million: Details here

Netflix has been heavily investing in the gaming industry to increase its business avenues. In a new development, the company has offered to acquire a Finnish mobile game developer, Next Games. The company’s Vice President of games, Micheal Verdu in a publically released statement said, “We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities.”

After this news was publically announced, Next Games shares surged by 119 percent to Euro 2.04 (approximately Rs 170) in the Nordic First North stock exchange.

Under this deal, Netflix is looking to acquire Next Games for Euro 65 million (approximately Rs 550 crores), according to an offer recommended by the company’s board of directors. According to the deal, Netflix would acquire the company for Euro 2.1 (approximately Rs 180) per share.

The companies have announced that they expect the transaction to close by the end of June 2022.

The free-to-play mobile games publisher has already partnered with Netflix to release games based on the streaming giant’s major properties like Stranger Things and The Walking Dead. This deal will help Netflix be more involved in the development process beyond simply licensing out the brands.

Next Games had 120 employees at the end of 2021 and during its last annual results announced a Euro 27.2 million in revenue.

Teemu Huuhtanen, CEO of Next Games said, “Joining forces with the world’s largest streaming service, Netflix, presents an opportunity for a logical and exciting continuation of our strategy to craft interactive experiences for the world to enjoy. Our close collaboration with Netflix on Stranger Things: Puzzle Tales has already proven that together we create a strong partnership. This is a unique opportunity to level-up the studio on all fronts and continue on our mission together.”

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