Take-Two Interactive Software to Acquire Nordeus, Mobile Game Developer | Business
NEW YORK – (BUSINESS WIRE) – June 2, 2021–
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) today announced the acquisition of privately held Nordeus for up to $ 378 million. The initial price of $ 225 million is comprised of cash and $ 90 million of newly issued Take-Two common stock. The founding team of Nordeus will receive the equity consideration and continue to run the business. The cash portion was funded by cash from Take-Two. The number of Take-Two shares will be calculated by dividing $ 90 million by the weighted average closing price per share on the Nasdaq Global Select Market during the thirty trading day period ending on the second trading day before the Closing Date. The cash portion of the purchase price is subject to standard closing adjustments. In addition, the agreement also includes an earn-out consideration based on the achievement by Nordeus of EBITDA results above certain thresholds in each of the first two years. Take-Two’s acquisition of Nordeus is the company’s latest strategic initiative to strengthen its mobile business following the 2017 and 2020 acquisitions of Social Point and Playdots, respectively, which are overseen by Nir Efrat, senior vice president and responsible for mobile telephony for Take-Two.
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Branko MiluntinoviÄ, CEO and co-founder of Nordeus (Photo: Business Wire)
Founded in 2010, Nordeus is a mobile games company based in Belgrade, Serbia best known for Top eleven, the world’s most popular mobile football manager * with over 240 million registered users. Top eleven provides players with a platform to create and manage their own football clubs, while guiding them through daily competitions with a global community. The evergreen title continually entertains gamers with innovative game formats, events and features – with more improvements to come. In addition, Nordeus is developing its future football-related mobile titles and technologies. Nordeus is led by its co-founders, Branko MilutinoviÄ (CEO), Milan JovoviÄ (CCO), Ivan StojisavljeviÄ (CTO) and Tomislav MihajloviÄ (COO), who will continue to oversee the approximately 180 studio employees following its acquisition by Take – Of them. Mr. MilutinoviÄ will report to Mr. Efrat.
“Our investment in Nordeus further strengthens Take-Two’s mobile gaming business, is highly complementary to Social Point and Playdots, and expands our sports portfolio with our very first football offerings,” said Michael Worosz, vice president executive and responsible for strategy and independence. Publication for Take-Two. âOver the past decade, Top eleven increased its audience, revenue and profitability through Nordeus’ introduction of live operations and continuous gameplay innovations that continue to drive continued consumer engagement. It’s also incredibly exciting for Take-Two to expand our operations into a beautiful, vibrant city like Belgrade; the local talent in science and engineering in Serbia is very strong and the quality of the Nordeus team testifies to this. We are very happy to welcome Branko, Milan, Ivan and Tomislav, as well as the entire Nordeus team to the Take-Two family, and are excited about the long term potential of their development capabilities, which we hope, will make positive contributions to our business. “
âWe are delighted to join the Take-Two family,â added Branko MiluntinoviÄ, CEO and co-founder of Nordeus. âFrom the start of our conversations with Strauss and the team, we found that we were linked to common values, culture and a shared vision. From a start-up in 2010, to what we are today, Nordeus has built itself to give the world more champions through great gaming experiences such as Top eleven, while also grounding ourselves in the community in Serbia through our continued efforts to give back. We are excited to take our products and our work locally, to the next level with them as we pursue our goal of putting Serbia on the global game map. â
Harbottle & Lewis LLP, Karanovic & Partners (Serbia) and Hayes Solicitors (Ireland) acted as legal advisers to Take-Two, and PWC provided financial and tax advice to the Company.
Founded in 2010, Nordeus is a mobile games company based in Belgrade, Serbia best known for Top eleven, the world’s most popular mobile football manager * with over 240 million registered users. In November 2017, Nordeus launched the Facebook Messenger game, golden boot, which has been played by over 65 million people and was nominated for Best Instant Game in Facebook game of the year 2017. golden boot is also available worldwide on Android and iOS. Nordeus plays an active role in the local community, with the vision to improve the overall quality of life and work in Serbia. Since the inception of the company, many give back efforts have been launched to improve the public medical and educational sectors with particular emphasis on early childhood development. Nordeus co-founded the Digital Serbia Initiative and the Serbian Games Association, in addition to the Nordeus Hub – designed specifically to help teams get started in the gaming industry, all with the aim of growing the Serbian digital economy and place Serbia on the game’s world map. For more information on Nordeus, visit www.nordeus.com, or stay up to date with us on LinkedIn.
* Source: AppAnnie based on downloads and revenue up to April 2021.
About Take-Two interactive software
Based in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher and marketer of interactive entertainment for consumers around the world. We develop and publish products primarily through Rockstar Games, 2K, Private Division, Social Point, and Playdots. Our products are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services. The Company’s common shares are listed on the NASDAQ under the symbol TTWO. For more company and product information, please visit our website at http://www.take2games.com.
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Caution Regarding Forward-Looking Statements
Statements contained in this document that are not historical facts are considered to be forward-looking statements under federal securities laws and may be identified by words such as “expects”, “believes”, “believes”, “Expects”, “intention”, “plans,” “potential”, “predicts”, “projects”, “research”, “should”, “shall” or words with similar meaning and include, without be limited to statements concerning the outlook for the Company’s future and financial activities. performance. These forward-looking statements are based on the current beliefs of our management as well as on the assumptions made by and information currently available, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results and results may differ materially from these forward-looking statements depending on a variety of risks and uncertainties, including: the uncertainty of the impact of the COVID-19 pandemic and the actions taken in response to it. this ; the effect that measures taken to mitigate the COVID-19 pandemic are having on our operations, including our ability to deliver our securities and other products in a timely manner, and on the operations of our counterparties, including retailers and distributors ; the effects of the COVID-19 pandemic on consumer demand and the discretionary spending habits of our customers as the situation with the pandemic continues to evolve; our ability to successfully integrate Nordeus operations and employees; the risks of doing business internationally the impact of interest rate cuts by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of potential inflation; volatility of foreign currency exchange rates; our reliance on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other successful titles; our ability to take advantage of opportunities on PlayStation 5 and Xbox Series X | S; the timely release and significant market acceptance of our games; the ability to maintain acceptable price levels on our games; and the risks associated with international operations.
Other important factors and information are contained in the Company’s most recent annual report on Form 10-K, including the risks summarized in the section titled âRisk Factorsâ, the Company’s most recent quarterly report on Form 10-Q and the Company’s other periodic reports to the SEC, available at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and speak only as of the date on which they are made. The Company assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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CONTACT: (Investor Relations)
Senior Vice President
Investor Relations and Corporate Communication
Take-Two Interactive Software, Inc.
Nicole.Shevins@take2games.com (Company press)
Corporate communications and public affairs
Take-Two Interactive Software, Inc.
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSUMER ENTERTAINMENT ELECTRONIC TECHNOLOGY MOBILE ENTERTAINMENT SOFTWARE ELECTRONIC GAMES
SOURCE: Take-Two Interactive
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PUB: 06/02/2021 08: 00 / DISC: 06/02/2021 08:03