Modern Times Group MTG AB has completed the acquisition of 100% of Hutch Games Ltd.
Hutch, a developer and publisher of free-to-play mobile games focused on the racing genre in the midcore segment, for an up-front consideration amount of $275m and earn-out payments at an expected value of $100m in aggregate.
Maria Redin, Group President and CEO, MTG said: “Hutch is a fantastic company led by a very experienced and talented leadership team. We are pleased to now formally and fully welcome them to our group, and specifically to our recently formed new GamingCo. We are eager to support them in the next chapter of their growth journey, which starts now.”
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 popular mobile racing games – F1® Manager, Top Drives, and Rebel Racing and additionally 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®.
Hutch’s result will be consolidated from January 2021 while the closing balance of December 31st will be consolidated with MTG’s and reported in Q4 2020 financial reporting.