MTG completes $620m acquisition of Raid: Shadow Legends developer Plarium
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Swedish digital entertainment company Modern Times Group has completed the $620 million acquisition of Raid: Shadow Legends developer Plarium from Aristocrat Leisure.
The deal was previously announced on November 11th, 2024, with MTG purchasing 100% ownership of the Israel-based developer.
MTG said it will now “begin onboarding Plarium and evaluating the opportunities for accelerating performance and future growth that come from the IP, tech, tools and people of the combined group”.
“Transformative deal”
The purchase sees the Swedish firm make an up-front payment of $620m for the studio, with $20m deferred to 2026. The deal could also see an earn-out of $30m based on Raid: Shadow Legends revenue in 2025, and up to a further $170m based on Plarium’s 2028 revenue.
Plarium reportedly generated $613m and $137m in adjusted EBITDA in the 12 months ending September 30th, 2024.
As well as its flagship title Raid: Shadow Legends, Plarium’s portfolio includes Mech Arena, Vikings: War of Clans, and the soft-launched Elf Islands. The developer also owns Finnish studio Futureplay, which operates Merge Gardens.
“This transformative deal will enable us to realise our ambitions to become a leading European gaming group with one of the strongest portfolios of evergreen midcore IPs in the world,” said MTG Group president Maria Redin.
“The acquisition of Plarium is a major catalyst for our future growth. It provides us with a unique opportunity to accelerate our execution and strategic delivery. This deal brings together some of the best people in our industry, supported by the tech, tools and knowledge we have across the whole of our group.
“I am excited about the next part of our journey and look forward to seeing what we can become when we work together.”
Plarium CEO Schraga Mor added: “We are thrilled to join MTG, a company that values Plarium’s proven success in the mid-core and casual gaming sectors. Over the past year, we have returned to growth, setting new records and reinforcing our industry leadership – a reflection of our team’s exceptional talent.
“With a strong foundation in digital marketing and live operations, alongside our track record of building engaged, loyal player communities, we are well-positioned to continue this momentum with our diverse portfolio of top-tier titles, including Raid: Shadow Legends, Merge Gardens, and Mech Arena.”
