AppLovin finalizes $400M sale of mobile gaming studios to Tripledot, refocuses on core ad tech business

AppLovin has officially completed the sale of its mobile gaming business to Tripledot Studios in a deal worth $400 million in cash plus an equity stake that gives AppLovin approximately 20% of Tripledot’s fully diluted shares at closing. The transaction, first announced in May 2025, closed on June 30, 2025, after satisfying all customary closing conditions and regulatory approvals.

Under the terms of the agreement, Tripledot acquires ten established game studios from AppLovin, including Athena Studio, Belka Games, Clipwire Games, Leyi, Lion Studios, Machine Zone, Magic Tavern, PeopleFun, Zenlife Games, and Zeroo Gravity. These studios are behind popular mobile franchises like Wordscapes, Cooking Madness, Clockmaker, Hexa Sort, West Game, and Project Makeover, spanning multiple top-performing genres.

The acquisition significantly scales Tripledot’s footprint in mobile gaming. The company now operates twelve studios in total, with a workforce of more than 2,500 people across 23 cities worldwide. The expanded group serves a combined 25 million daily active users and forecasts nearly $2 billion in annual gross revenue, further cementing Tripledot’s position as a growing force in the global mobile games market.

In a statement marking the milestone, AppLovin’s Co-founder and CEO Adam Foroughi expressed gratitude to the game studios that fueled the company’s early growth. “Their love for mobile games drove AppLovin’s evolution, and we wish them great success under Tripledot’s leadership,” said Foroughi. “Completing this transaction streamlines our operations to focus entirely on our core marketing and ad tech platform, positioning us to seize new opportunities that will define AppLovin’s future.”

The sale underscores AppLovin’s strategic shift away from direct game development to doubling down on its profitable marketing technologies, which help developers acquire users, optimize monetization, and grow their mobile businesses at scale.

Advisors for the transaction included Aream & Co as lead financial advisor to AppLovin, with additional support from GoodGame Advisors LLC and Belzberg Capital LLC. Wilson Sonsini Goodrich & Rosati acted as lead legal counsel, with local counsel provided by Dissmann Orth, Wolff Schultze Kieferle, and Maples Group.