Japanese gaming conglomerate, Sega has confirmed its acquisition of Finland’s Rovio for €706 million ($775 million).
The Israeli mobile gaming business Playtika made a €750 million ($810 million) deal for Rovio in January, but talks ended last month with no explanation provided by either party.
Rovio did, however, disclose that it was still in talks with additional companies, with rumours circulating over the weekend that Sega, the creator of Sonic the Hedgehog, was involved.
The sale is now official, with Rovio stating that it expects the transaction to be completed in the second quarter of its current fiscal year, or within the next few months, – subject to “certain customary conditions.”
Sega’s offer is a 63.1% premium over Rovio’s closing price on January 19, the last trading day before reports of a prospective purchase first surfaced, and a 19% premium over Rovio’s final closing price on Friday, April 14.
Rovio, founded in 2003, has emerged as one of the biggest success stories in the European technology field.
While Rovio had produced dozens of games before the arrival of Android and iOS, the burgeoning smartphone revolution catapulted the company into the mainstream consciousness, with Angry Birds becoming a global hit and franchise spanning everything from toys and cookbooks to movies and a TV show.