Korea’s two biggest mobile game rivals become a family. The mobile game company Gamevil has acquired their rival company Com2uS for $65 million.
Com2uS has announced their MOU with Gamevil to yield 2.15 million shares (21.37%) and their decision to transfer the management of the company on the 4th of October. The cost of such undertaking is about $65 million, which equals out to $30.32 per share. The deal is expected to finalize within 5 weeks.
In explaining their reasons behind the decision of the buyout, Gamevil and Com2uS stated that “The deal has been made in order to combine both companies’ capabilities to create synergy.” They expect to create synergy effect from making use of both companies’ current games, capabilities, and customer bases.
An expert from the Korean gaming industry stated: “Both are mobile game companies; however, they have previously shown their different pros and cons in terms of their abilities in both developing-publishing strategies as well as their counterstrategies in the overseas markets. This deal seems promising in that the companies will be able to bring great results in the world markets if they were to combine their strengths.”
Both of the companies have competed in good faith against each other in the Korean mobile game industry as “the two towers” for more than 10 years. Com2uS is famous for being the first ever KOSDAQ mobile game company listing back in 2007. Gamevil was quick to follow Com2uS in its steps two years later.
All eyes are currently focused on the combining of Korea’s top two mobile game companies.