Playtika, Israel-based gaming company announced that it is acquiring Helsinki-based mobile apps company Reworks Oy in a deal potentially valued to up to $600 million. Playtika will purchase 80% of Reworks for $400 million in cash and the remaining 20% of Reworks for up to $200 million, based on agreed-upon earning targets, as defined in the acquisition agreement.
Reworks is behind the hit design entertainment app, Redecor which lets players decorate homes. The app has grown to become the No.2 design entertainment app from in-app purchase revenue.
“We are excited that we can start to leverage Playtika’s best in class live ops and technology and I am looking forward to all the great things we will build together.” says Reworks CEO, Ilkka Teppo.
Playtika believes the acquisition, its eighth and biggest ever since its founding in 2010, will contribute approximately $30 million in sales this year.