DoubleU Games acquires Paxie Games for up to $67m

DoubleU Games has acquired Turkish studio Paxie Games for up to $67 million.

The South Korean firm has obtained a 60% stake in the Merge Studio: Fashion Makeover developer for $27 million.

The remaining 40% will be acquired over the next three years for up to $40 million, according to Pocket Gamer.

The deal will be financed through cash and treasury shares, and is expected to close in the first quarter of 2025.

"We believe the acquisition of Paxie Games represents a significant move to secure an expanded portfolio of new mobile gaming titles, driving growth and unlocking new opportunities," said DoubleU Games CFO Jay Choi.

Paxie Games CEO Direnç Çelik added: "Through our full-scale collaboration with DoubleU Games, we are set to achieve even greater growth by expanding our portfolio with exciting games, reaching a broader audience, and further growing our business.

"By leveraging DoubleU Games' established marketing network in the US, we plan to drive substantial growth and expand our reach."