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Modern Times Group Completes Plarium Acquisition: What the $620 Million Deal Means

MTG announced USD 620 million in consideration for Plarium, then completed the acquisition in February 2025. The later reported USD 659 million total is a different measure.
From TheFinanceBase Team2 min to read
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Modern Times Group (MTG) completed its acquisition of Plarium on 12 February 2025, after announcing the agreement on 11 November 2024. MTG announced USD 620 million in purchase-price consideration, but that headline figure is not the same as the USD 659 million total purchase price it later reported in its financial statements.

When did MTG acquire Plarium?

MTG announced an agreement to buy Plarium from Aristocrat Leisure Limited on 11 November 2024. The transaction closed on 12 February 2025, according to MTG’s completion announcement. The deal was therefore announced in 2024 and completed in 2025—not in 2017.

How much did MTG pay for Plarium?

MTG’s announcement described USD 620 million as purchase-price consideration. Of that amount, USD 20 million was deferred until 2026. The announced consideration was also to be offset by cash flow generated from the start of Q4 2024 through closing, so it should not be read as a simple statement that MTG paid USD 620 million in cash at closing. MTG expected the acquisition to close in Q1 2025. MTG’s announcement

Potential earn-outs were contingent, not fixed payments

MTG’s investor presentation described performance-based earn-outs of up to USD 200 million in total: USD 30 million payable in 2026 depending on RAID: Shadow Legends’ performance in 2025, and up to USD 170 million payable in 2029 based on revenue targets for 2028. These were conditional amounts, not additional guaranteed payments. MTG investor presentation, 11 November 2024

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Why MTG later reported USD 659 million

In its Q1 2025 reporting, MTG recorded a total purchase price of USD 659 million, including non-paid considerations, and assigned the earn-outs an initial value of USD 32 million. That accounting figure is a broader measure than the USD 620 million announced consideration; it does not mean MTG made a further fixed USD 39 million cash payment. The deal figures describe different components and stages, so they should not be added together as though each were a separate, unconditional payment. MTG Q1 2025 report

How MTG financed the acquisition

MTG said it would fund the transaction using cash on hand and USD 460 million in debt through term loans and revolving credit facilities. Its Q1 reporting describes USD 460 million in secured external financing alongside existing cash. The USD 460 million is the stated financing amount, not the purchase price. MTG investor presentation, 11 November 2024 MTG Q1 2025 report

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What Plarium adds to MTG

Plarium’s portfolio includes RAID: Shadow Legends and Merge Gardens. MTG presented RAID as a successful cross-platform intellectual property and said the acquisition would strengthen scale, portfolio, synergies and cash flow. Those are the buyer’s stated strategic aims, not independently established outcomes of the acquisition. MTG’s announcement MTG investor presentation, 11 November 2024

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