Zynga Strikes $1.8B Deal To Buy Mobile Game Developer Peak

Zynga Inc. ZNGA announced Monday it will acquire the Turkish mobile gaming company Peak for $1.8 billion in cash and stock.

Zynga is acquiring 100% of Peak, and the deal consists of $900 million in cash and approximately $900 million of Zynga common stock. The transaction is expected to close in the third quarter of 2020.

Zynga is a U.S.-based company that develops, markets and operates social games as live services played on mobile platforms such as iOS and Android and social networking sites like Facebook.

Peak was founded in 2010 by Sidar Sahin, and developed the game franchises "Toon Blast" and "Toy Blast." Collectively, the games have more than 12 million average mobile DAUs, according to Monday's announcement. 

"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," Zynga CEO Frank Gibeau said in a statement. 

"With the addition of Toon Blast and Toy Blast, 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." 

Zynga shares were trading up 6.34% at $9.73 in Monday’s premarket session. The stock has a 52-week high of $9.19 and a 52-week low of $5.51.

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Courtesy photo.