MTG acquired Hutch Games
MTG has enhanced its portfolio of gaming companies by acquiring London-based mobile games studio Hutch Games which is quite famous for its mobile racing games. Modern Times Group has acquired Hutch for an expected $375 million of which $275 million will be paid upfront and the rest of the payment which is $100 million will be paid in earn-out payments.
Hutch Games is famous for F1 Manager, Rebel Racing, and Top Drives will now be under a holding company formed by MTG known as GamingCo. The company released a statement about the acquisition that said, “The acquisition of Hutch is in line with our strategy to build up a portfolio of high-quality gaming companies and marks the beginning of a new journey with the ambition for further organic and acquisitive growth for MTG.”
MTG is keeping a close eye on the companies and is continuously eyeing new opportunities. Arnd Benninghoff, Executive VP of Gaming & Esports weighed in on MTG’s strategy and said that MTG has a strong M&A pipeline with 15 shortlisted companies.
Hutch witnessed an increase of 158% year-on-year during the first nine months of the current year. The CEO of Hutch Games also released a statement and said, “We are excited to join MTG—in them we have found a home that believes in our values, supports us in our mission and can help take our company and our games to the next level.”
MTG has come up with a new company known as MTG gaming which would be responsible for future acquisitions of gaming companies like Hutch and all its shares in the gaming firms InnoGames and Kongregate.