SEGA Corporation, a subsidiary of SEGA SAMMY HOLDINGS, has implemented a tender offer to acquire Rovio Entertainment, a mobile game company headquartered in Finland, through its wholly owned UK subsidiary SEGA Europe.
SEGA aims to acquire the entirety of Rovio’s outstanding shares and options at EUR 9.25 per share and EUR 1.48 per option, or EUR 706 million in total (approximately ¥103,680 million converted at EUR1 = ¥146.9 (FX rate as of April 14, 2023).
The acquisition is a friendly takeover, as Rovio’s board of directors has agreed to, and has expressed support for the tender offer. Shareholders in Rovio who in aggregate hold shares corresponding to approximately 49.1 percent of the outstanding shares and votes in Rovio, have irrevocably undertaken to accept the offer, subject to certain customary conditions.
The acquisition is expected to close in the second quarter of FY2024/3 and is contingent on the completion of reviews under applicable antitrust laws and other customary conditions.
SEGA Corporation aims to take-in Rovio’s live-operated mobile game development capabilities and expertise in mobile game operation, to accelerate the development of mobile-compatible and multi-platform-supported version of SEGA’s existing game IPs, thereby strengthening and further accelerating global expansion of SEGA’s game portfolio.
The acquisition will also support cross-platform expansion of Rovio’s IP using SEGA’s capabilities. Rovio is aiming to expand its platform outside of mobile gaming, and SEGA will actively look to support this process through its capabilities.
Haruki Satomi, president and Group CEO, Representative Director of SEGA SAMMY HOLDINGS said: “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. platforms. 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.
Alexandre Pelletier-Normand, CEO of Rovio said: “I grew up playing Sonic the Hedgehog, captivated by its state-of-the-art design. Later, when I played Red and Sonic the Hedgehog: two globally recognized 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.”
