Paxie Games is being acquired by South Korea-based gaming company DoubleU Games.
Under the agreement, DoubleU Games will initially acquire 60% of Paxie Games’ shares for $27 million, with the remaining 40% to be acquired over the next 3 years for an additional consideration of up to $40 million, subject to the achievement of certain financial targets. The acquisition is expected to close in the first quarter of 2025.
Paxie Games, Merge Studio: Fashion Makeover has reached more than 25 million users so far. In addition to Merge Studio, the startup, which has also released Tile Star and Mahjong Infinity games, aims to expand its portfolio with new games to be released in the coming periods.
Founded in 2012, mobile game developer DoubleU Games is home to approximately 600 employees in its offices in South Korea, the US and Europe. The company, which went public on KOSPI in 2019 and achieved a consolidated turnover of 400 million in the last 12 months, generates its revenues entirely from the international market.
With the acquisition, DoubleU Games plans to make a strategic entry into the Merge-2 puzzle market and is also preparing to make its own games accessible in the South Korean market for the first time.
DoubleU Games CFO Jay Choi said, “With the acquisition of Paxie Games, we aim to accelerate our growth and create new opportunities by expanding our game portfolio. Paxie Games offers innovative value to the mobile gaming industry by increasing user engagement through addictive puzzle mechanics and creative in-game LiveOps activities.”
