By Ed Frankl
RTL Group SA said Wednesday that its subsidiary Fremantle completed the sale of Ludia Inc. to U.S.-based mobile entertainment company Jam City for $165 million.
Ludia, a Canadian mobile videogame company, has a portfolio of titles including the Jurassic World games and upcoming DC and Disney titles, Jam City said.
Fremantle acquired an initial stake of 29% in Ludia in 2009, before increasing its shareholding to 100% between 2010 and 2014 for a total consideration of EUR33 million ($39.1 million), RTL said.
"With a growing portfolio of evergreen titles and the company's most ambitious slate of upcoming games in the company's history, it was time for Ludia to find the right strategic partner," Alex Thabet, Ludia's co-founder and chief executive, said.
In connection with the acquisition, Jam City said it raised $350 million in equity and debt financing from Netmarble, Kabam and affiliates of funds managed by Fortress Investment Group.
"The latest round of funding solidifies our strategy of acquiring great companies across the globe and heavily investing in our current studios," Jam City CEO Chris DeWolfe said.
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(END) Dow Jones Newswires