Take-Two acquires mobile game developer Nordeus for up to $378M

Take-Two Interactive announced today that it has acquired Serbia-based mobile gaming company Nordeus for up to $378 million to further strengthen its mobile game business. 

Founded in 2010 by Branko Milutinović, Milan Jovović, Ivan Stojisavljević, and Tomislav Mihajlović, Nordeus is best known for Top Eleven, its globally successful mobile soccer management title with over 240 million registered users.

Take-Two will pay $225 million upfront in cash and shares ($90 million in newly issued shares of Take-Two common stock), but the total price could rise to $378 million if certain thresholds are met. 

“We’re delighted to be joining the Take-Two family,” said Branko Miluntinović, CEO and co-founder of Nordeus. “From the start of our conversations with Strauss and the team, we found that we were connected with common values, culture, and a shared vision. From a start-up back in 2010, to what we are today, Nordeus has been built on giving the world more champions through great gaming experiences such as Top Eleven, while also rooting ourselves in the community in Serbia through our continuous efforts in giving back. We are excited to take both our products and our work locally, to the next level with them as we continue our aim of putting Serbia on the global map of gaming.”

With this acquisition, Nordeus joins Take-Two’s roster of mobile-focused developers. Back in August, Take-Two Interactive had announced the acquisition of Playdots for $192 million comprising $90 million in cash and $102 million in stock. The company had acquired SocialPoint in 2017 for $250 million with additional earn-outs of up to $25.9 million.

“Our investment in Nordeus strengthens further Take-Two’s mobile game business, is highly complementary to Social Point and Playdots, and broadens our sports portfolio with our first-ever soccer offerings,” said Michael Worosz, Executive Vice President and Head of Strategy and Independent Publishing for Take-Two. 

“We are very pleased to welcome Branko, Milan, Ivan, and Tomislav, and the entire team at Nordeus to the Take-Two family, and are excited by the long-term potential of their development capabilities, which we expect will deliver positive contributions to our business.”

Nordeus co-founders will continue to run the studio, with Milutinović reporting into Take-Two’s senior vice president and head of mobile Nir Efrat.