Zynga said on Monday that it would buy Turkish mobile-game maker Peak for $ 1.8 billion (about Rs 13,553 crore), in a move that would increase the company’s daily active user base by 60 percent.

Shares of the company rose 5 percent in morning trading to an eight-year high.

Located san francisco Jinga Said it would pay $ 900 million (about Rs 6,776 crore) in stock and the same amount in cash for the manufacturer of Ton Blast and Toy Blast, making it the biggest purchase of a Turkish startup.

Zynga, which has 21 million average daily active users and is known for its agro-simulation game farm Ville, Is strengthening its grip on the mobile gaming market through acquisition and licensing agreements with media outlets to publish themed games of popular gaming.

Turkey’s Industry and Technology Minister Mustafa Varnak said on Twitter that Peak was the country’s first unicorn and the acquisition was a “remarkable milestone” for Turkey’s startup ecosystem.

Separately, Germany-based Earlybird Venture Capital said it would exit a $ 520 million (approximately Rs 3,929 crore) stake in Peak as part of the deal and acquire a stake in the Nasdaq-listed Zynga.

Zynga said it is expected to be completed The peak Deal in third quarter. The company raised its full-year bookings estimates from $ 1.84 billion (about Rs 13,854 crore) to $ 1.80 billion (about Rs 13,553 crore), which excludes any contribution from the peak deal.

© Thomson Reuters 2020

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