By Tim Maytom
Japanese telecom SoftBank has increased its majority stake in Supercell, the Finnish mobile game company behind the popular titles Hay Day and Clash of Clans, the current top-grossing app on the market.
SoftBank purchased a controlling stake in Supercell in 2013 for around $1.5bn (£982m), and today acquired an additional 22.7 per cent share in the firm, bringing its total stake up to 73.2 per cent.
The remaining stake is owned by Supercell’s employees and management, with venture capital firm Accel having sold its stake as part of SoftBank’s expansion. The terms of the deal have not been disclosed.
Supercell has been a massive success story, with revenues tripling last year to €1.5bn (£1.07bn) and profits doubling to €515m, making the company the top-grossing firm in the sector worldwide.
In contrast, SoftBank has struggled slightly in recent years, due to a sluggish Japanese economy forcing the firm to look overseas for growth, and ownership of US mobile network Sprint proving a further drag on the company’s finances.
According to a statement issued by SoftBank, Supercell will continue to operate independently and current CEO Ilkka Paananen will continue to serve in the role.
“Supercell is expected to continue to be a …read more
Source:: Mobile App News