Netflix offers to buy Finnish game studio - Reuters

The Netflix logo is seen on a TV remote controller, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

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HELSINKI, March 2 (Reuters) - Netflix has offered to buy publicly listed Finnish Next Games (NXTGMS.HE), the mobile games company said in a statement on Wednesday.

"We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities," said Netflix's Vice President of games Michael Verdu.

Shares in Next Games surged 119% to 2.04 euros.

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After entering the mobile gaming market last November, the streaming giant is now planning to invest 65 million euros ($72.08 million) in Next Games, an offer recommended by the mobile game company's board of directors, the statement read.

The offer would mean a price of 2.1 euros per share, more than double the share's closing price of 0.93 euros on Tuesday in Nordic First North stock exchange.

The companies said they expect the transaction to close by end of June.

($1 = 0.9018 euros)

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Reporting by Essi Lehto, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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https://www.reuters.com/technology/netflix-offers-buy-finnish-game-studio-2022-03-02/

2022-03-02 08:51:00Z
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