Stillfront Group has made another deal. A Swedish company has acquired a studio from the United Arab Emirates, Jawaker, which specializes in card games for mobile platforms. The transaction amount was $205 million.The Stillfront Group paid 74% of the amount in cash, and the remaining 26% in shares.
To finance the purchase, the company raised additional capital by issuing 8.5 million new shares worth $116 million.
The deal is due to close on October 4.
With the purchase of Jawaker, the Swedish company intends to gain a foothold in the MENA market (Middle East and North Africa). This is Stillfront’s second deal in the region — in 2016, it acquired the Jordanian studio Babil Games for $17 million.
Jawaker was founded in 2009, and in 2011 received $2.5 million from the media company twofour54. Now the studio is located in Abu Dhabi and develops mobile card games for iOS and Android. Among her main projects are Tarneeb, Baloot and Trix Complex.
Over the past year and a half, Stillfront Group has made several major purchases in the M&A market. Among them are the studio with Ukrainian roots Game Labs (the deal amount is $32.5 million), the Croatian studio Nanobit ($148 million), the mobile publisher Candywriter ($74.4 million), as well as Super Free Games ($150 million) and Sandbox Interactive ($158.5 million).