Esports and video game investment company MTG has acquired British mobile developer Hutch Games for $275 million upfront and an additional $100 million in potential earn-out payments.
Hutch is known for developing and publishing free-to-play racing games including F1 Manager and Rebel Racing. Its portfolio includes 13 titles that have amassed over 300 million downloads to date, and MTG said the acquisition is a "positive step in its buy-and-build growth strategy."
"MTG sees continued strong growth opportunities through Hutch’s three key titles F1 Manager, Top Drives and Rebel Racing, which are all still in an early growth phase with considerable future potential," explained the company in a press release.
"Additionally, Hutch has a promising pipeline of new games with titles planned for launch in 2021 and 2022. The acquisition of Hutch adds an attractive portfolio of games and knowledge to MTG’s other gaming companies and contributes to MTG’s overall strategy of continued growth through both strategic acquisitions and organic initiatives.
The purchase is also the first deal under MTG's newly formed investment holding company, Gaming Co, which was formed earlier this month with the help of Hamburg-based developer InnoGames.