Sweden’s Stillfront Group has announced the acquisition of Jordan-based mobile card games-maker Jawaker for $205 million.
74% of the amount will be paid in cash and the remaining 26% will be paid in newly issued shares. The transaction is expected to be closed on October 4, 2021.
Founded in 2009 by Mohamad Hasan and Yousef Shamoun, Jawaker has developed more than 30 Middle Eastern card games so far including Tarneeb, Baloot and Trix Complex.
“From its humble beginnings 12 years ago, Jawaker has always maintained its belief that steady profitable growth can achieve meaningful results over the long term,” said Jawaker co-founder & CEO Mohamad Hasan. “We are so excited to be joining an organisation that shares our belief in making long term investments and creating a forever franchise in our genre of games.”
The acquisition will enable Stillfront Group to expand its presence in the MENA (Middle East and North Africa) region. The Stockholm-based company, which specializes in the acquisition and management of mobile game studios, previously acquired Dubai-based Babil Games in 2016 for $17 million.
“Mohamad and the Jawaker team have built an impressive studio adopting a one-app approach that allows users to play several different games within one app, while connecting with friends and socialising, creating strong engagement and loyalty within the user base,’’ said Stillfront CEO Jörgen Larsson. ‘’With the acquisition of Jawaker, we add a fast-growing and highly profitable studio to the group, and further strengthen our presence in the strategically important Mena region.’’