Sweden’s MTG buys Israeli gaming co Plarium for up to $820m

Swedish company Modern Time Group (MTG) has announced the acquisition of an Israeli gaming company Plarium From Australian gaming giant Aristocrat Leisure for up to $820 million. MTG will pay $600 million immediately and an additional $20 million in 2025, plus performance add-ons that could bring the deal to $820 million by 2028.

Plarium was acquired in 2017 by Aristocrat Leisure for $700 million. Plarium, which is still incorporated in Israel. The company’s leading game titles include: Raid – Shadow Legends; Vikings – Clan War; Stormfall – Balor’s Rise; And the lost island. Shraja Moore was appointed CEO of Plarium last year after serving as head of online operations at SodaStream, a senior executive at William Hill and CEO of ICQ in its final years. The company has 1,300 employees and is headquartered in Israel, with teams in Poland, Ukraine, Finland and elsewhere.

According to MTG, Plarium generated revenue of $613 million in the 12 months ended September 30, 2024. The company generated $137 million in adjusted EBITDA (using MTG’s definition), an operating margin of 22%. The company’s healthy profitability is coupled with strong free cash flow generation. Plarium provided more than $110 million of free cash flow (using the MTG definition) for the year ending September 30, 2024.

Published by Globes, Israel Business News – en.globes.co.il – on November 12, 2024.

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