Playtika buys Israeli gaming co SuperPlay for up to $1.95b

SuperPlay founders Eyal Netzer and Gilad Almog credit: Zohar Shitrit
SuperPlay founders Eyal Netzer and Gilad Almog credit: Zohar Shitrit

Rosh Ha'ayin-based SuperPlay, which was founded by former Playtika employees, will continue to operate as an independent company.

Israeli mobile games developer Playtika Holding Corp. (Nasdaq: PLTK) has announced that it will acquire Israel-based mobile gaming company SuperPlay for $700 million, plus additional contingent consideration of up to $1.25 billion, subject to achieving certain financial targets over three years, adjusted to EBITDA performance. In other words the final amount of the acquisition could reach $1.95 billion.

Playtika says that the deal is expected to be completed in the fourth quarter of 2024. The contingent payments, if any, are expected to be funded via cash generated from ongoing operations and the company’s balance sheet. Playtika is evaluating its financing alternatives and debt maturities in the near-term. Playtika says it, "remains committed to its quarterly dividend and capital return program." The transaction is expected to add an experienced team to Playtika with a track record of launching new, successful games, and is expected to be a meaningful growth driver for Playtika once consummated. The proposed acquisition is subject to the satisfaction of customary closing conditions and regulatory approvals."

Founded in 2019 with offices in Rosh Ha'ayin

SuperPlay, which develops multi-participant mobile games, was founded in 2019 by former Playtika employees Gilad Almog and Eyal Netzer, and industry veteran Elad Drory. The company, which is headquartered in Rosh Ha'ayin, launched well known mobile game Dice Dreams six months after it was founded. Domino Dreams is another popular title and the company has two more games in development. SuperPlay's senior management includes CTO Chen Mark, general manager Dr. Noam Banon and CFO Amir Hanin. According to IVC, SuperPlay has 300 employees, including over 100 in Israel and at offices in Ukraine, Romania and India. Almog and Netzer will continue to lead SuperPlay after the acquisition, at its own studio.

Almog and Netzer said, "It is a testament to our amazing team who bring creativity and passion to everything we make. With Playtika's backing and support, we'll continue growing the most memorable and engaging games in their category, and exchange knowledge that will propel each other to new heights."

The company has raised an estimated $30-35 million in three financing rounds from investors such as Eyal Ofer's O.G. Venture Partners, Israeli fund Key1 set up by former Goldman Sachs executives, Gigi Levy-Weiss's NFX, General Catalyst, North83, and VGames. NFX and General Catalyst are believed to have been the first investors in the company in the $6 million seed round. All investors will see igh returns from the deal.

Playtika CEO Robert Antokol said, "We see the acquisition of SuperPlay as a key move in strengthening Playtika’s leadership in mobile gaming, driving growth with scaled titles, and unlocking new opportunities. SuperPlay’s proven talent and success in navigating complex environments align seamlessly with our team. Together, we’re expanding our ability to deliver exceptional experiences to players worldwide."

Playtika's share price rose 0.77% on Nasdaq yesterday, giving ac market cap of $2.935 billion.

Published by Globes, Israel business news - en.globes.co.il - on September 19, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

SuperPlay founders Eyal Netzer and Gilad Almog credit: Zohar Shitrit
SuperPlay founders Eyal Netzer and Gilad Almog credit: Zohar Shitrit
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