Swedish media corporation The Modern Times Group (MTG) has announced the takeover of English mobile developer Hutch Games. The transaction amount was $375 million.The new owner of Hutch will be GamingCo Holding, which MTG together with InnoGames opened on December 7 to operate the Swedish company’s gaming business.
Hutch will receive $275 million of the total amount in cash, and the remaining $100 million will be paid upon reaching the agreed conditions based on the financial results of the studio in 2021-2024.
“At MTG, we have found a new home where people believe in our values, support our mission and can help take our company and games to the next level,” said Shaun Rutland, CEO of Hutch.
MTG highly appreciates Hutch’s financial prospects. In the first nine months of 2020, the studio earned $56.3 million, and its revenue grew by 158% year-on-year.
“Hutch is a true market leader and is responsible for developing some of the most successful titles in the fast—growing mobile racing category,” commented Maria Redin, CEO of MTG, on the deal.
As a result of the takeover, MTG will receive the rights to all Hutch projects, including F1 Manager, Top Drives and Rebel Racing. The deal is in line with the Swedish company’s strategy of buying high-end game studios and should contribute to its further growth.