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Netflix is acquiring another company, and it was revealed to be a game developer firm from Finland. The streaming service provider announced on Wednesday, March 2, that it will be buying Next Games.
Netflix's acquisition of the publicly-listed company was also confirmed by the Finnish gaming firm. It was revealed that the deal is worth €65 million or about $72 million. The American streaming giant is reportedly paying in cash based on the share purchase price of €2.10 per share.
As per Reuters, Netflix made this price offer which is more than double the closing price on Tuesday which is only 0.93 euros in the Nordic First North stock exchange. The transaction is expected to close in the second quarter of this year and it is likely by the end of June. it should be noted that this is still subject to customary closing conditions.
Next Games, which is listed on Helsinki public markets, already received the approval of its board to push through with the deal. The company is also said to be recommending the deal to its shareholders, although it has yet to complete the transaction with Netflix.
"Next Games has a seasoned management team, strong track record with mobile games based on entertainment franchises, and solid operational capabilities," Netflix's vice president of games, Michael Verdu, said in a press release. "We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities. While we're just getting started in games, I am confident that together with Next Games we will be able to build a portfolio of world-class games that will delight our members around the world."
Meanwhile, the acquisition deal is said to be part of Netflix's strategy to build its gaming content and serve as a supplement to its video catalog. With this aim, Next Games is the ideal choice to buy because it has already developed several game titles that were inspired or related to some of the most popular Netflix shows, including "The Walking Dead" and "Stranger Things."
Next Games' chief executive officer, Teemu Huuhtanen, further said, "Our close collaboration with Netflix on 'Stranger Things: Puzzle Tales' has already proven that together we create a strong partnership. This is a unique opportunity to level up the studio on all fronts and continue on our mission together."
