Angry Birds creator Rovio Entertainment has agreed to a $775 million sale to Japanese video game giant Sega.
Sega unveiled a recommended cash offer of EUR 9.25 per share to shareholders and EUR 1.48 per option to Rovio option holders on Monday.
“The aggregate value of the offer, based on all 76,179,063 issued and outstanding shares in Rovio and all 742,300 issued and outstanding options under the company’s Stock Options 2022A plan, totals approximately EUR 706 million”, or $775 million. Shareholders in Rovio who hold an aggregate of Shares corresponding to approximately 49.1 percent of the outstanding Shares and votes in Rovio have irrevocably committed to accept the offer, subject to certain customary conditions.
The Board of Directors of Rovio, represented by a quorum consisting of all members of the Board of Directors, unanimously resolved to recommend that Rovio’s shareholders and option holders accept the Offer.
The offer price represents a premium over Rovio’s shares, the firms said.
Alexandre Pelletier-Normand, CEO of Rovio: “I grew up playing Sonic the Hedgehog, captivated by its ultra-modern design. Later when I played Angry Birds for the first time I knew that gaming had evolved into a truly mainstream phenomenon, with the power to shape modern culture.”
He added: “Our mission is to ‘create joy’ and we are excited about the idea of using our expertise and tools to bring even more fun to our players, enhancing Rovio and Sega’s vibrant IPs and expand. Red and Sonic: Two globally recognized and iconic characters created by two remarkably complementary companies, with a global reach that spans mobile, PC/console and beyond. Combining the strengths of Rovio and Sega offers an incredibly exciting future.”