Swedish holding company MTG has announced the acquisition of Hutch Games, a British developer and publisher of mobile racing games, for about $375 million total, further diversifying its portfolio of specialist gaming and esports companies. The deal includes an up-front consideration of $275 million (on a cash and debt free basis) and earn-out payments of around $100 million.
Founded in 2011, Hutch is a London-based free-to-play mobile games developer with over 100 team members, 70 of which are developers. In the first nine months of this year, the company reports $56.3 million in revenue.
Now all the people, value and potential of the UK startup will be integrated into MTG’s ‘GamingCo’, its new holding company announced just two days ago.