Sweden’s MTG buys UK free-to-play games developer
Hutch’s portfolio has achieved 300m downloads
Modern Times Group, the Stockholm-based esports and video game investment company, has announced the $375m acquisition of London-based free-to-play mobile games developer Hutch which also has studios in Dundee and Canada.
MTG will now own Hutch’s F1 Manager, Top Drives, and Rebel Racing, among 13 titles that have amassed over 300 million downloads to date. It will take on its 100 staff, 70 of whom are developers.
Founded in 2011, Hutch generated approximately $56.3 million in revenues and $14m in EBITDA during the first nine months of 2020.
The deal involves an upfront cash outlay of $275 million and an expected $100 million in performance based payments.
Hutch chief executive Shaun Rutland said: “We are excited to join MTG – in them, we have found a home that believes in our values, supports us in our mission and can help take our company and our games to the next level.”
In 2018 it set up a Dundee studio with the remit to evolve its progressive performance marketing approach.
MTG has also acquired InnoGames and Kongregate for their popular web-based and mobile games.