Modern Times Group MTG AB (publ.) (“MTG”) acquires Hutch Games Ltd. (“Hutch”). The up-front consideration amounts to $275 million, on a cash and debt free basis, and earn-out payments at an expected value of $100 million in aggregate. Baker McKenzie acted as legal advisor to Hutch in the transaction.
MTG is a strategic and operational investment holding company in esports and gaming entertainment, listed on Nasdaq Stockholm. The acquisition enables strong growth opportunities within a new and highly attractive game category for MTG while also further diversifying the group’s games portfolio.
London-based Hutch is a leading developer and publisher of mobile racing games in the attractive midcore segment, with the top three titles F1® Manager, Top Drives, and Rebel Racing. The company is made up by a staff of 100+ team members, of whom 70 are developers, and generated approximately $56.3 million in revenues during the first nine months of 2020.
Baker McKenzie acted as legal advisor to Hutch with a team of advisers from the firm's offices in the United Kingdom, the United States, Canada and Sweden. The Swedish advisers were Carl Svernlöv, Sofie Sternberg and Ian Gulam.
Baker McKenzie's global video games industry team advises on a wide range of national and cross-border transactions in the video games industry.