AppLovin has confirmed it will not be pursuing a deal with Unity any more, and has withdrawn the unsolicited offer it made on August 9.
Meanwhile Unity’s shareholders are expected to vote through the IronSource deal in a special meeting set for October 7.
AppLovin explained its actions in a statement: “AppLovin saw potential in combining its profitable business model and machine-learning capabilities with Unity’s Create platform. The opportunity was even more interesting given the market headwinds facing the industry.”
“Following careful consideration, AppLovin concluded that its path as the independent market leader is better for its stockholders and other stakeholders. AppLovin will move forward with the intention of continuing to gain market share and expand its platform.”
The company also talked about investing in tech and new platforms like connected TVs as it seeks future growth.
AppLovin CEO and co-founder Adam Foroughi added: “We remain excited about the long-term growth potential of our core markets and AppLovin. Our experienced and dedicated team will continue to focus on what we can control, including continual improvements to our products and technology and expanding into newer high-growth markets.”
“Our team and culture have always emphasised and incentivised an entrepreneurial mindset in pursuit of long-term innovation and value creation. These core values will continue to drive our roadmap and focus across the company going forward.”
The merger drama of the summer began with the news that Unity and IronSource would be combining in a deal that values the latter company at $4.4bn. A couple of weeks later, AppLovin made an unsolicited offer to merge with Unity, which was rejected by Unity a couple of days later.
