Baker McKenzie advised Hutch Games Ltd., a leading developer and publisher of free-to-play mobile games focused on the racing genre, in its acquisition by Modern Times Group MTG AB, a digital entertainment company based in Stockholm, Sweden. The acquisition enables MTG to pursue growth opportunities within a new and highly attractive game category while also further diversifying the group’s games portfolio. The up-front consideration amounts to USD 275 million (on a cash and debt free basis) and earn-out payments at an expected value of USD 100 million in aggregate.
California TMT M&A Partner, Lisa Fontenot and London Corporate Finance Partner, Nick O'Donnell, led the team, which also included from London: Kiki Tienstra, Cristina Brown, Doug Mackillop, Natalie Haydon, James Smith, Melanie Staes, Jeremy Edwards, Victoria Kirsch, Kathy Granby; and from Stockholm: Carl Svernlov and Sofie Sternberg.
About Baker McKenzie
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About Hutch Games
Founded in 2011, Hutch is a London-based free-to-play mobile games developer with 100+ team members, focused on the racing category in the highly attractive midcore segment.
Hutch has developed three category leading mobile racing games – F1® Manager, Top Drives, and Rebel Racing – which have all reached considerable success despite being early in their growth journey and the titles have spearheaded the company’s achievement to generate more than 300 million downloads since inception in 2011. Additionally, Hutch holds a broader diversified game portfolio of 13 games and world-class IP licenses with some of the biggest names in the business, including Formula 1®