Social games developer Zynga has completed the acquisition of a $1.85bn (£1.48bn/€1.65bn) overall purchase price of Peak, the mobile gaming company behind the Toon Blast and Toy Blast game franchises.
According to the agreement first revealed last month, Zynga purchased 100 percent of Peak shares, with a purchase price of $900 m in cash and $900 m in common stock of Zynga.
Peak founder and chief executive, Sidar Sahin, will continue to lead the studio along with the developer ‘s current management team, while the business is also set to maintain its headquarters in Istanbul, Turkey.
Zynga had previously purchased a card games studio from Peak in a transaction worth $100 m in 2017.
Zynga’s chief executive Frank Gibeau said: “We are delighted to welcome Sidar and Peak’s extraordinarily talented team to Zynga; as a combined team, we are well positioned to grow faster together.
“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.”
Peak’s Sahin added: “We are very happy to finalise this monumental partnership that will affect not only Zynga and Peak, but the whole mobile gaming industry.
“Peak’s culture is rooted in relentless learning and progress, so as we embark on this new chapter in our journey together with Zynga, we remain as committed as ever to our unique culture.”
In the meantime, Zynga also announced on 5 August that it plans to report its results for the second quarter, as well as revised guidance for its full year 2020.
At the time of last month ‘s initial acquisition announcement Zynga last revised its financial outlook for the second quarter and full year.
Originally, the company had estimated that reconciling revenue to bookings would amount to $460 m in its second quarter, but increased its forecast to $500 m for Q2.
Net loss for the three months to June 30 is forecast to reach $160 million , up $100 million from the original estimate of $60 million, but adjusted earnings before interest , tax , depreciation and amortisation are estimated to be higher at $35 million compared to $32 million.
— Zynga (@zynga) July 2, 2020