MTG closes $620m Plarium acquisition to build European mid-core gaming giant
Summary
Modern Times Group (MTG) has completed its $620m acquisition of Plarium from Aristocrat Leisure Limited
The deal adds Raid: Shadow Legends and a portfolio of mid-core IPs to MTG's group
Additional earn-outs could push total deal value to $820m based on 2025 and 2028 revenue targets
"This transformative deal will enable us to realise our ambitions to become a leading European gaming group with one of the strongest portfolios of evergreen mid-core IPs in the world"
01
Deal structure - earn-outs could push total value to $820m
Base acquisition price: $620m, with $20m deferred to 2026
Potential earn-out of $30m tied to Raid: Shadow Legends 2025 revenue performance
Further $170m earn-out tied to Plarium's overall 2028 revenue
Total potential deal value reaches $820m if all milestones are met
02
Strategic rationale - MTG builds out European mid-core leadership
MTG will immediately begin onboarding Plarium and fully consolidating it into the group
The acquisition is positioned as a major growth catalyst for MTG's European gaming ambitions
MTG cites combined strengths in tech, tools and operational knowledge across the group
"This deal brings together some of the best people in our industry, supported by the tech, tools and knowledge we have across our group"
03
Plarium's position - returns to growth ahead of acquisition close
Plarium operates in both mid-core and casual gaming segments
The studio reported a return to growth over the past year, claiming new performance records
Core strengths highlighted: digital marketing, live operations, and loyal player community building
"Over the past year, we have returned to growth, setting new records and reinforcing our industry leadership"
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What to watch next
MTG will focus on full integration and consolidating Plarium's operations into the group
2025 Raid: Shadow Legends revenue will be the first financial milestone to watch for earn-out triggers
Longer-term, Plarium's 2028 revenue performance will determine whether MTG pays the full $820m
This deal signals MTG's intent to aggressively position itself as Europe's leading mid-core gaming group
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