Modern Times Group MTG AB has announced signing an agreement facilitating the acquisition of its USA and Chilean-based studio Kongregate by US studio Monumental, resulting in MTG obtaining a 30% stake in the joined entity.
The merger unites two gaming companies, both led by Monty Kerr, with a shared vision for the future of gaming. With extensive experience in traditional mobile gaming, both studios possess the expertise to enhance the combined portfolio, which boasts more than 40 titles.
Maria Redin, MTG’s Group President and CEO, expressed satisfaction with the agreement, stating, “We are happy to have found the right home for the next chapter in Kongregate’s journey. Monumental has a strong track record of managing and growing games, and we are convinced that combining the two portfolios is the right step forward. I wish the teams the best of luck as they now begin their journey together.”
Monumental’s CEO, Monty Kerr, also expressed enthusiasm about the merger, stating, “We are overjoyed to welcome Kongregate into the Monumental family. We can’t wait to see what comes next, and we’re incredibly excited to be part of Kongregate’s future.”
The transaction has been finalized and will be reflected in MTG’s financial results for the first quarter of 2024. MTG’s 30% shareholding in Monumental represents less than 20% of the votes in the company. It will be reported as a financial asset on MTG’s balance sheet under the “Shares and participations in associated and other companies” category. Following the acquisition, Kongregate will be fully integrated into Monumental.
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