RTTNews | Jun 2, 2021 08:50AM EDT

08:49 Wednesday, June 2, 2021 (RTTNews.com) - Take-Two Interactive Software, Inc. (TTWO) announced Wednesday that it has acquired privately-held mobile games developer Nordeus for up to $378 million. The upfront price of $225 million is comprised of cash and $90 million in newly issued shares of Take-Two common stock. The consideration also includes earn-out based upon Nordeus achieving EBITDA results above certain thresholds during each of the first two years.

The Nordeus founding team will receive the stock consideration and continue to run the company. The cash portion was funded from Take-Two's cash on hand and is subject to standard closing adjustments.

The acquisition bolsters Take-Two's mobile business and expands its sports offerings with Top Eleven, the soccer management game with over 240 million registered users.

The acquisition is Take-Two's latest strategic initiative to bolster its mobile business following the 2017 and 2020 acquisitions of Social Point and Playdots, respectively, which are overseen by Nir Efrat, Senior Vice President and Head of Mobile for Take-Two.

Nordeus is led by its co-founders, Branko Milutinovi (CEO), Milan Jovovi (CCO), Ivan Stojisavljevi (CTO), and Tomislav Mihajlovi (COO), who will continue to oversee the studios' approximately 180 employees following its acquisition by Take-Two. Milutinovi will report to Efrat.

Read the original article on RTTNews ( https://www.rttnews.com/3199377/take-two-interactive-buys-mobile-games-developer-nordeus-for-up-to-378-mln-quick-facts.aspx)

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