Kakao Games announced on the 15th that its board of directors resolved to acquire a 39.56% stake in MiTuOn for approximately 98 billion won. By securing management control, Kakao Games will become MiTuOn’s largest shareholder.
Through this investment, Kakao Games aims to secure new pipelines in social casino, casual games, and mind sports, diversify its portfolio, and strengthen its global competitiveness. Additionally, by acquiring MiTuOn, which boasts a solid financial structure, the company plans to establish a stable profit base and pursue a medium-to-long-term turnaround.
Global gaming company MiTuOn was established in 2010 and has operated global social casino and casual game businesses, expanding its operations into Asia, North America, Europe, and other regions based on its capabilities in game development and service provision. Listed on KOSDAQ in 2016, the company reported revenues of 120.9 billion won and an operating profit of 12.6 billion won last year. Overseas sales account for more than 80% of total revenue.
MiTuOn continues to expand its overseas markets, including North America and Europe, through subsidiaries such as Ghost Studio and ACE Interactive Holdings Limited. The company is also pursuing diversification across various content areas beyond games, including dramas, webtoons, and web novels.
Lee Si-woo, CEO of Kakao Games, stated, “This acquisition marks the first step in executing a mergers and acquisitions (M&A) strategy that has been validated for business performance and profitability under the new management system. Going forward, M&As aimed at securing Kakao Games’ future will continue.” He added, “We will create synergies not only by expanding into various IP content areas held by MiTuOn but also through joint development with development studios in China and other multidimensional approaches.”
in TECH
