PALO ALTO: AppLovin Corp. (NASDAQ: APP), a leading marketing platform, has completed the sale of its mobile gaming division to Tripledot Studios in a deal valued at $400 million in cash and an equity stake of approximately 20% in Tripledot’s fully diluted shares.
The transaction, initially announced May 7, closed June 30 after meeting all customary regulatory approvals and closing conditions. No promissory note was issued as part of the sale.
Under the agreement, AppLovin divested 10 game studios, including Athena Studio, Belka Games, Clipwire Games, Leyi, Lion Studios, Machine Zone, Magic Tavern, PeopleFun, Zenlife Games and Zeroo Gravity. The studios are behind several mobile gaming hits across genres such as Hexa Sort, Wordscapes, Clockmaker, Cooking Madness, West Game and Project Makeover.
“We would like to extend our gratitude to our game studios who were an instrumental part of AppLovin’s journey,” said Adam Foroughi, co-founder and CEO of AppLovin. “Their love for mobile games fueled our growth, and we wish them continued success with Tripledot Studios.”
Foroughi added that the deal enables AppLovin to focus more tightly on its core software and AI platform.
Aream & Co served as lead financial advisor to AppLovin, with additional support from GoodGame Advisors LLC and Belzberg Capital LLC. Legal counsel was provided by Wilson Sonsini Goodrich & Rosati, as well as Dissmann Orth, Wolff Schultze Kieferle and Maples Group for local matters.
AppLovin, based in Palo Alto, develops technologies that help businesses of all sizes reach and grow their audiences through software and AI-driven solutions.