Zynga to Spend $1.8 Billion to Acquire Peak
Zynga (NASDAQ: ZNGA) is spending $1.8 billion to acquire Peak, the Turkish mobile gaming company behind Toon Blast and Toy Blast, for $1.8 billion.
In a press release announcing the acquisition, the largest ever for Zynga, the company said buying Peak will enhance its live games offering and will drive margin expansion in the coming years. Under the terms of the deal, Zynga is paying about $900 million in cash and $900 million in stock to acquire all of Peak. Once the deal is complete, the tech stock will have $600 million in cash, CEO Frank Gibeau told Bloomberg in an interview.
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Source Fool.com
