Netflix Inc will be acquiring Finland’s Next Games, a developer of mobile games, for a total value of $72 million, expanding into the video gaming industry.
Founded in 2013 and led by Teemu Huuhtanen, Next Games has been developing mobile games since 2013 based on popular television series such as “Stranger Things” and the “The Walking Dead”.
“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,” Michael Verdu, vice president of games at Netflix said in a statement.
“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.”
The offer will be financed in cash through the purchase of Next Games’ shares. “The Board of Directors of Next Games has unanimously decided to recommend that the shareholders accept the tender offer.”
The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions.
“Joining forces with the world’s largest streaming service, Netflix presents an opportunity for a logical and exciting continuation of our strategy to craft interactive experiences for the world to enjoy,” Next Games CEO Teemu Huuhtanen said in the statement.