Sweden's MTG buys Israeli gaming co Plarium for up to $820m

Plarium credit: Shutterstock
Plarium credit: Shutterstock

Australian company Aristocrat is selling Plarium after buying the company in 2017 for $700 million.

Sweden's Modern Time Group (MTG) has announced the acquisition of Israeli gaming company Plarium from Australian gaming giant Aristocrat Leisure for up to $820 million. MTG will pay $600 million immediately and an additional $20 million in 2025, plus performance add-ons which could lift the deal up to $820 million by 2028.

Plarium was acquired in 2017 by Aristocrat Leisure for $700 million. Plarium, which remains incorporated in Israel. The company's leading game titles include: Raid - Shadow Legends; Vikings - War of Clans; Stormfall - Rise of Balur; and Lost Island. Schraga Mor was appointed Plarium CEO last year after serving as SodaStream's head of online operations, a senior executive at William Hill and CEO of ICQ in its final years. The company has 1,300 employees and is headquartered in Israel, with teams in Poland, Ukraine, Finland and elsewhere.

According to MTG, Plarium had revenue of $613 million in the 12 months ending September 30 2024. The company generated $137 million in adjusted EBITDA (using MTG’s definition), with an operating margin of 22%. The company’s healthy profitability is coupled with strong free cash flow generation. Plarium delivered over $110 million in free cash flow (using MTG’s definition) for the year ending September 30 2024.

Published by Globes, Israel business news - en.globes.co.il - on November 12, 2024.

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

Plarium credit: Shutterstock
Plarium credit: Shutterstock
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018