Bell Gully advises on international acquisition of New Zealand-based mobile games developer

29 March 2021

Bell Gully is pleased to have advised Swedish digital entertainment company Modern Times Group MTG AB (publ) (MTG) on its acquisition of New Zealand-based leading tower defense mobile games developer and publisher Ninja Kiwi.

MTG is a digital entertainment company based in Stockholm, Sweden with substantial global investments across the esports and gaming industries.

Mobile and online video game development company Ninja Kiwi is based in Auckland with offices in Dundee, Scotland. Ninja Kiwi was founded in 2006, and now has a diversified games portfolio consisting of over 25 premium and free-to-play games, most notably its 'Bloons' and 'Bloons Tower Defense' games. Ninja Kiwi's games have been downloaded approximately 140 million times to date, with a total of more than 1.1 million daily active users and 6.2 million monthly active users.

MTG will acquire Ninja Kiwi for total up-front consideration of approximately SEK 1,217 million (NZ$203 million), on a cash and debt free basis, and earn-out payments at an expected value of approximately SEK 406 million (NZ$68 million) in aggregate. MTG regard this acquisition as an important step towards a diversified gaming segment with high-quality gaming companies, in line with its strategy to drive value creation through organic growth and strategic M&A. The acquisition of Ninja Kiwi is conditional upon receipt of regulatory approvals and completion is expected in Q2 2021.

The Bell Gully team advising MTG was led by corporate partner Dean Alderton, with support from tax partner, Graham Murray, competition and regulatory partner, Glenn Shewan, and solicitors Alexandra Sims and Gabrielle Carter.

Commenting on the transaction, Dean said, "We are pleased to have been part of the broader MTG team and assisted it with the acquisition of Ninja Kiwi. This transaction represents a further significant endorsement for the New Zealand technology sector, and the world-leading intellectual property and people involved."

This transaction follows two similar technology deals announced earlier this month that Bell Gully advised on: the acquisition by Lightspeed POS Inc of Vend Limited, a cloud-based retail management software company, and the acquisition by Bentley Systems of Seequent Holdings Limited, a global leader in 3D modeling software for geosciences.