MTG completes $620M acquisition of Plarium, eyes future growth

Swedish digital entertainment giant Modern Times Group (MTG) has successfully completed its $620 million acquisition of Plarium, the Israel-based studio behind the hit mobile game Raid: Shadow Legends. The deal, originally announced in November 2024, sees MTG take full ownership of Plarium from Aristocrat Leisure, marking a significant step in the company’s expansion strategy.

With the acquisition now finalized, MTG plans to integrate Plarium into its broader gaming ecosystem. The company has stated its intention to leverage Plarium’s intellectual property, technology, and expertise to accelerate growth and performance across its portfolio. The move is expected to enhance MTG’s position as a leader in the European gaming industry, particularly in the mid-core gaming segment.

“This is a transformative deal for us,” said Maria Redin, president of MTG Group. “By bringing Plarium into our family, we are strengthening our capabilities and positioning ourselves for long-term success. The talent and technology within Plarium are unparalleled, and we are eager to explore new growth opportunities together.”

As part of the transaction, MTG has made an initial payment of $620 million, with an additional $20 million deferred to 2026. The agreement also includes performance-based earnouts that could amount to as much as $200 million, depending on Plarium’s revenue milestones between 2025 and 2028.

Plarium has demonstrated strong financial performance, reporting $613 million in revenue and $137 million in adjusted EBITDA in the 12 months leading up to September 30, 2024. Beyond Raid: Shadow Legends, the company’s portfolio includes Mech Arena, Vikings: War of Clans, and the recently soft-launched Elf Islands. Plarium also owns Finnish game studio Futureplay, which operates Merge Gardens.

Plarium CEO Schraga Mor expressed enthusiasm for the acquisition, emphasizing MTG’s commitment to supporting the studio’s continued success. “Joining MTG represents an exciting new chapter for Plarium. Over the past year, we have achieved record growth, a testament to our dedicated team and strong player community. With MTG’s resources and expertise, we are well-positioned to expand our footprint in the global gaming market.”