Netflix Inc (NASDAQ:NFLX) announced it has entered into an agreement to purchase Next Games, a Finnish mobile game developer.
The total value of the deal is expected to be worth €65mln, with shareholders receiving €2.10 in cash per share.
Founded in 2013, the company develops and publishes mobile games focused on entertainment franchises, such as the popular Netflix series Stranger Things.
It had approximately 120 employees at the end of 2021 and reported sales of roughly €27.2mln in 2020, with 95% of revenues generated from in-game purchases, according to a statement released by Next Games.
“We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities,” said vice president of Games at Netflix Michael Verdu.
“Joining forces with the world’s largest streaming service, Netflix, presents an opportunity for a logical and exciting continuation of our strategy to craft interactive experiences for the world to enjoy,” said Teemu Huuhtanen, chief executive of Next Games.
The deal is expected to close in the second quarter of 2022.