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Miniclip has acquired Cyprus-based mobile games developer Easybrain from Embracer Group for $1.2 billion.
Easybrain was purchased by Embracer in 2021 for $640 million plus an additional $125m in potential earnouts. Since then, the European publisher’s business has collapsed, leading to a firesale of its assets with the company set to break up into three separate public entities.
Miniclip’s purchase marks a profit on the value of that deal, which will see the publisher pay on a cash basis for full ownership.
The acquisition sees Embracer reduce its debt from SEK 13.2 billion ($1.2bn) to SEK 0.5bn ($45.5m). This excludes the debt that was placed onto tabletop Asmodee as part of its restructure.
The acquisition is expected to close during the first months of 2025.
“A new chapter”
Easybrain’s portfolio of casual, puzzle and logic titles have generated more than 1.5 billion downloads to date. Its titles include Sudoku.com, Pixel Art – Color by Number, Blockdoku, Killer Sudoku, Nonogram.com, Groovepad, Jigsaw Puzzles, and more.
The developer generated SEK 3.395m ($308.6m) in net sales during the year ending March 2024, with an adjusted EBIT of SEK 1,392m ($126.5m). User acquisition costs amounted to SEK 1,524m ($138.5m), accounting for 45% of net sales.
“We are delighted to welcome Easybrain to Miniclip,” said Miniclip CEO Saad Choudri.
“We have long admired Easybrain’s ability to build loyal and engaged puzzle game communities. The addition of evergreen franchises like Sudoku.com further reinforces our vision to engage a broad audience of players.
“Oleg and I have known each other for some time, and we are happy to be able to work together to deliver exceptional experiences for our players. The combination of Miniclip and Easybrain brings us closer to our vision of unleashing the gamer in everyone.”
Easybrain CEO Oleg Grushevich added: “Embracer has been a wonderful home for the Easybrain team – allowing us to focus on our business and grow in our unique way. We’re proud to have contributed to Embracer’s story and strength along the way, and we extend our sincere thanks to Lars for being an exceptional partner who has been supportive and trustworthy throughout.
“Today, Easybrain starts a new chapter, and we are confident that joining forces with Miniclip will enable us to leverage new strengths and deliver even more enriching experiences for our players. This is an inspiring new phase for the Easybrain team, and I’m excited to start working with Saad and look forward to a journey of innovation and growth together.”
Embracer CEO Lars Wingefors commented: “This transaction transforms Embracer’s financial position and puts us in a stronger position to drive value. Easybrain has been an important part of the Embracer family for over three years, contributing to strong value creation during this time. As Easybrain’s market is transforming, Miniclip is the right strategic buyer to enable the company to stay at the forefront of the ad-driven mobile game industry.
“I would like to extend my gratitude to the founders and senior management Oleg Grushevich, Peter Skoromnyi and Matvey Timoshenko, who remain Embracer shareholders and the fantastic Easybrain team for their contributions to Embracer. I am confident that Easybrain will continue to innovate and achieve sustainable growth in the industry.”
