Zynga Inc. said on Monday that it would buy Turkish mobile-game maker Peak for $1.8 billion. This would boost the company’s daily active user base by 60%. The company’s shares rose by 5% to an eight-year high.
Zynga said it would pay $900 million in stock and the same amount in cash for the company, which would make it the largest purchase of a Turkish startup.
Zynga which has about 21 million daily active users and is known for its game FarmVille, is strengthening its hold over the mobile gaming market through acquisitions and licensing agreements with media houses to create themed games of popular franchises.
Turkey’s industry and technology minister, Mustafa Varank, said that Peak’s acquisition was a ‘remarkable milestone’ for the Turkish startup ecosystem.
The company said it expects to complete the Peak deal in the third quarter. It also raised its full-year bookings forecast to $1.84 billion, which excludes any contribution to the Peak deal.
