Modern Times Group Completes Acquisition of Ninja Kiwi

Modern Times Group MTG AB (publ), a strategic acquiror and operator of gaming and esports entertainment companies based in Stockholm, Sweden, has recently completed the acquisition of 100% of the shares in Ninja Kiwi Limited. Ninja Kiwi Limited is a tower defense gaming studio based in Auckland, New Zealand. This exciting deal was announced on March 24, 2021.

The up-front consideration for the acquisition amounts to approximately SEK 1,217 million (NZD 203 million), with earn-out payments at an expected value of SEK 406 million (NZD 68 million). These payments include both cash and share components. By acquiring Ninja Kiwi, MTG now adds a diverse portfolio of tower defense games, including the popular Bloons platform, to its existing games development and publishing studios. This acquisition aligns with MTG’s overall strategy of continued growth through strategic acquisitions and organic initiatives.

Ninja Kiwi, founded in 2006 by brothers Chris and Stephen Harris, is a renowned developer and publisher of tower defense genre games for mobile, console, and desktop platforms. Their impressive game lineup includes Bloons® TD 6, Bloons® TD Battles, and SAS: Zombie Assault® 4. The company, headquartered in Auckland, New Zealand, boasts a talented team of 70 individuals and even has a second game development studio in Dundee, Scotland. In 2020, Ninja Kiwi generated gross revenues of SEK 337 million (NZD 56 million) and achieved an adjusted EBITDA of SEK 168 million (NZD 28 million). These revenues come from both game purchases and in-game transactions.

With this acquisition, MTG not only expands its gaming portfolio but also gains valuable knowledge and expertise in the tower defense genre. This strategic move further reinforces MTG’s position as a leader in the gaming and esports industry.

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