Sega has confirmed it is to acquire Rovio. It has offered €9.25 per share, valuing the deal at €706m or $776m.
Sega aims to acquire the entirety of Rovio’s outstanding shares and notes that this “is a friendly takeover, as Rovio’s board of directors has agreed to, and has expressed support towards the tender offer”.
Playtika’s public all cash proposal, made in January, was worth €9.05 per share. Sega’s offer of €9.25 represents a 19% premium over Friday’s closing share price.
Sega said that it now aims to “accelerate the development of mobile-compatible and multi-platform-supported version of Sega’s existing game IPs.” The acquisition is being made through Sega’s wholly-owned UK-based subsidiary Sega Europe.
Sega Sammy president and Group CEO Haruki Satomi said: “Among the rapidly growing global gaming market, the mobile gaming market has especially high potential, and it has been Sega’s long-term goal to accelerate its expansion in this field. I feel blessed to be able to announce such a transaction with Rovio, a company that owns Angry Birds, which is loved across the world, and home to many skilled employees that support the company’s industry leading mobile game development and operating capabilities.”
“Historically, as represented by the Sonic the Hedgehog series, Sega has released countless video game titles to various gaming platforms,” continued Satomi. “I am confident that, through combination of both companies’ brands, characters, fanbase, as well as corporate culture and functionality, there will be significant synergies created going forward.”
Rovio CEO Alexandre Pelletier-Normand added: “I grew up playing Sonic the Hedgehog, captivated by its state-of-the-art design. Later, when I played Angry Birds for the first time, I knew that gaming had evolved into a true mainstream phenomenon, with the power to shape modern culture. Joining Rovio has been an honour and I am proud to have seen Angry Birds continue to grow, as we released new games, series and films.”
“Less known but equally impressive is our industry-leading proprietary technology platform, Beacon, holding 20 years of expertise, allowing tight-knit teams to develop world-class GaaS products,” Pelletier-Normand continued.
“Our mission is to craft joy and we are thrilled at the idea of using our expertise and tools to bring even more joy to our players, enhancing and expanding Rovio’s and Sega’s vibrant IPs. Red and Sonic the Hedgehog: two globally recognised and iconic characters made by two remarkably complementary companies, with a worldwide reach that spans mobile, PC/console, and beyond. Combining the strengths of Rovio and SEGA presents an incredibly exciting future.”
Playtika launched its public bid to acquire Rovio in January, having already offered to buy the Angry Birds maker privately in November 2022.
Rovio later said that it was talking to other suitors as well as Playtika as its strategic review continued. Last month, the two companies announced that the deal was dead, but Rovio said it would continue to talk to other potential acquirers.