Media and Games Invest - Acquisition of AxesInMotion
MGI has announced the acquisition of AxesInMotion, a Spanish free-to-play mobile games developer of racing games for €55m in cash up-front, plus up to €110m in earn-out over the three years to 2024. The up-front consideration represents an EV/EBITDA multiple of 9.1x and based on the earn-out, the final EV/EBITDA multiple will fall between 6.8 and 9.1x. Through its integrated games and adtech business, MGI has identified significant synergies from the acquisition, with the potential to triple revenue and EBITDA (to €24m and €17m respectively) in the medium term. As a result of the acquisition, MGI has raised its FY22 revenue guidance to €295–€315m (previously €290–€310m) and its adjusted EBITDA to €83–93m (previously €80–90m). The acquisition is expected to complete in May.
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