Game On In Israel! Playtika's Bold Move Seals $300M Deal To Takeover Mobile Gaming Firm Innplay Labs

Playtika Holding Corp. PLTK inked a pact to acquire Innplay Labs, a mobile gaming studio based in Israel. 

This deal will have an upfront consideration of $80 million with a maximum consideration of $300 million.

"As a fellow Israeli-based company recognized for innovation, Innplay's talented team shares our culture of focus, speed and agility. We are excited to embark on this journey together and to rebrand Animals & Coins alongside Innplay," said Robert Antokol, Chief Executive Officer of Playtika.

The acquisition of Innplay Labs is Playtika's second transaction this quarter.

The company said the deal represents a strategic expansion of the company's portfolio with a growth franchise in the Luck Battle genre.

The deal presents an opportunity to further utilize the company's expertise in leveraging LiveOps and proprietary technology to drive sustained, long-term growth. 

"Looking ahead, we believe becoming a part of Playtika's strong portfolio of Casual titles will take Innplay Labs to new heights," said Ore Gilron, Chief Executive Officer of Innplay Labs. 

The company held cash and equivalents of $955.1 million as of June 30, 2023.

Price Action: PLTK shares are trading higher by 5.14% to $10.74 on the last check Friday.