Sega officially announced its acquisition of Rovio

Sega, the iconic video game company behind Sonic The Hedgehog, has officially announced its acquisition of Rovio, the mobile game and movie franchise company best known for Angry Birds. The deal, which has been rumored for some time, comes with a price tag of €706 million ($775 million), slightly lower than the rumored $1 billion.

Under the terms of the deal, Sega will purchase all of Rovio's outstanding shares and options for €9.25 per share and €1.48 per option, with parent company Sega Sammy Holdings covering the cost. The acquisition is a friendly takeover, supported by Rovio's board of directors, and is expected to be completed in the second quarter of the 2024 financial year (September 2023).

According to Sega, the acquisition of Rovio will help it further strengthen its position in the fast-growing mobile and global gaming market. The company also plans to invest up to ¥250 billion during the five-year period ending FY2026/3, exploring investment opportunities in the consumer area to create new ecosystems and strengthen its development capabilities.

In acquiring Rovio, Sega has gained access to the mobile gaming platform, Beacon, and a live-ops operation with the expertise to turn any of Sega's existing game properties into a successful mobile game. And, of course, there's the matter of the hugely popular Angry Birds franchise, which could potentially find success on formats other than mobile with Sega's background in console and arcade games.