Angry Birds creator Rovio has acquired Turkish hyper-casual studio Ruby Games in a multi-million dollar deal.
Ruby is the creator of titles like Handyman 3D, Brain Puzzle, Riddle Master, and Hunter Assassin, the latter of which has amassed over 100 million installs.
Under the terms of the agreement, Rovio will acquire Ruby in multiple tranches. The first tranche will see the company acquire a 20 percent stake in Ruby for $10 million in cash.
In the second tranche, Rovio will acquire 50 percent of Ruby's outstanding shares for a performance-related sum of no more than $80 million in cash and shares. The remaining 30 percent stake will be then be purchased in five equal tranches over the next five years.
Ruby will become a subsidiary of Rovio when the first tranche closes, allowing the Finnish mobile company to begin making inroads into the hyper-casual market.
"With the acquisition of hyper-casual game studio Ruby Games, we are taking an important step forward in our growth strategy. By entering the rapidly growing hyper-casual market we are enriching our audience base, and offering our players a more diverse portfolio of titles," said Rovio chief exec, Alex Pelletier-Normand. "Ruby Games has launched several successful games and their hit-ratio is impressive."
2021 has been rather eventful for Rovio. After quietly shuttering its mobile-based streaming service, Hatch, back in January, the company signed a long-term partnership to create Moomin Games and subsequently outlined plans to revive some older Angry Birds titles after pulling them from sale.