SmileGate purchases SundayToz, priced at $120 million

<Cross Fire> and <AniPang> join hands.  SmileGate Holdings purchased 20.7% of SundayToz stocks for about 120 million dollars, and became the company’s largest shareholder.

SmileGate Holdings has announced on the 24th that their agreement with the creators of <AniPang> SundayToz is finalized.  This is the nation’s largest investment to date in the industry, with a purchase of 20.7% of the stocks priced at about 18 dollars per, totaling up to 120 million dollars.

While SmileGate became SundayToz’s largest shareholder with this purchase, there will be no changes to the executive branches of the companies.

SmileGate Holdings has been growing rapidly with <Cross Fire>, which is pulling in yearly sales of over 1 billion dollars in China.  In 2013, SmileGate recorded sales of 376 million dollars, business profit of 255 million dollars, and net income of 180 million dollars.

SundayToz on the other hand, recorded in 2013 yearly sales of 47.6 million dollars, business profit of 17.3 million dollars, and net income of 14.9 million dollars.  In just last January, they succeeded in reclaiming their presence in the industry with their sequel game <AniPang 2>, which reached over 8 million downloads in just 2 month of its release.  <AniPang 2> is currently (March 24th) ranked first in the Google Play store’s top grossing chart.

SundayToz’s CEO Lee Jung Woong commented on the agreement saying: “With the joining of the two companies, we now have access to world famous SmileGate’s foreign market presence, network, and know-hows.  For SundayToz, it is as if we have just received a blessing, and we plan to put much focus into advancing into the overseas markets.”

On the other hand, SmileGate Holding’s CEO Kwon Hyuk Bin commented that: “SmileGate is planning to hold back nothing in supporting the overseas businesses of SundayToz.  We truly understand and value the experience SundayToz has accumulated in the past 5 years of their business.  Both companies will continue to lead the industry in their own rights.”

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