Netmarble To Acquire Mobile Casino Games Company SpinX Games
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This week, Netmarble announced that they plan to acquire a new company into the mix with mobile casino games developer SpinX Games. SpinX has built itself up over time to become one of the largest companies making games for the genre, and as such, they are being bought out at a hefty sum. According to the brief details released about the agreement, Netmarble will acquire 100% of shares of SpinX at $2.19 billion (which equates to about appx. ₩2.5 trillion)/ As part of that deal, the company will still continue to exist to a degree, but essentially it will be absorbed into the company along with all of their library of games. Which includes massively popular titles such as Cash Frenzy, Lotsa Slots, Social Casino, and Jackpot World. We have a couple of quotes for you below about the deal from both sides of the acquisition, as we're now basically waiting for everything to be finalized and to see how much of SpinX will still remain in business.
"The Social Casino genre shows continued global growth, and we are very excited to execute a share purchase agreement with SpinX Games, one of the leading companies in the genre," said Seungwon Lee, CEO of Netmarble. "Through the acquisition, Netmarble will add the Social Casino genre alongside its existing main genre of RPG to further strengthen its lineup of casual games. With this diversified portfolio, we expect to fortify our competitive edge in the global mobile gaming market."
"We are very excited to be joining the Netmarble family, one of the fastest-growing mobile game companies in the world," said Paul Zhang, CEO of SpinX Games. "The mobile Social Casino business is a constantly evolving sector, and we plan to take the most advantage of this opportunity to strengthen global competitiveness for both companies as part of the extensive synergies with Netmarble."
