DoubleU Games Finalizes Paxie Acquisition

Mergers and Acquisitions

27 March 2025 15:55

DoubleU Games, the South Korean gaming giant, has successfully completed its acquisition of Paxie Games, a Turkish game developer, for an upfront payment of $29.9 million. The deal grants DoubleU Games a 60% majority stake in Paxie Games, with the remaining shares to be acquired through an earnout structure over the next three years. The total value of the deal could rise to $67 million, depending on performance metrics over the agreed period.

Paxie Games, known for its popular mobile titles, has seen considerable success with its flagship game, Merge Studio: Fashion Makeover, which has generated 28 million downloads and $34 million in revenue as of the end of February. Other notable titles in the company’s portfolio include Tile Star and Mahjong Infinity.

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The acquisition is part of DoubleU Games’ broader global expansion strategy. CFO Jay Choi emphasized that the deal will serve as a "growth engine" for the company’s operations, further boosting its position in the competitive global gaming market. Choi also confirmed that DoubleU Games will continue to explore further mergers and acquisitions, targeting high-potential companies to support its long-term growth strategy.

Paxie Games CEO Direnç Çelik expressed excitement about the future prospects of the company. “We are thrilled about the incredible opportunities ahead for our company. Merge Studio, our rapidly scaling hit game, is only the beginning,” said Çelik. “With our full-scale collaboration with DoubleU Games, we are poised for even greater growth, expanding our portfolio with exciting new games, reaching a broader audience, and further growing our business.”

Tags: DoubleU Games

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