SHANGHAI: Winking Studios Limited, one of Asia’s largest AAA game art outsourcing studios, announced a proposed conditional acquisition of Shanghai Mineloader Digital Technology Co., Ltd., a leading game art outsourcing and development studio.

The acquisition, funded from Winking Studios’ internal cash resources, is valued at approximately RMB 146 million (about S$27.2 million or £16.3 million). The upfront payment is around RMB 131.4 million (about S$24.5 million or £14.7 million), with the balance due on the fifth anniversary of the acquisition, subject to certain conditions and performance targets.

Mineloader, established in 2003 and headquartered in Shanghai, has grown to 466 employees across three studios in Asia. In the financial year ended December 31, 2023, Mineloader delivered an EBITDA of approximately S$3.6 million. The majority of its revenue comes from game art outsourcing services, which account for about 90% of its income.

The acquisition is expected to increase Winking Studios’ scale across Asia, attract new Western clients, and provide additional resources to support its global ambitions. Completion is anticipated before the end of the second quarter of 2025.

Since its listing on the Singapore Stock Exchange in November 2023, Winking Studios has pursued an M&A strategy to enhance its global presence. This acquisition follows two others completed in 2024: Taipei-based On Point Creative Co., Ltd. and Kuala Lumpur-based Pixelline Production Sdn. Bhd.

Johnny Jan, Executive Director and CEO of Winking Studios, commented: “This marks our largest acquisition to date and represents a pivotal step that augments our position in the global video games industry, unlocking new horizons for growth and innovation.”

“Mineloader’s team of more than 460 employees will be a valuable addition to our Group’s existing headcount of over 800, boosting our service offerings in this segment and adding new clients. Mineloader’s established experience and presence in the Japanese market is also a notable value add to our Group’s business networks.”

“Complementing Winking Studios’ capabilities in online platform games, Mineloader’s strengths in console platform games can provide revenue diversity. There are also opportunities for increased business synergies and cross-selling, driving enhanced economies of scale and scalability.”

Winking Studios will continue to explore new M&A opportunities to enhance its value propositions across the global gaming services industry.

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