Sega is buying Finnish mobile game maker Rovio Entertainment for €706 million ($775 million). Angry Birds and Sonic will soon have a common publisher. Sega today presented Rovio shareholders with a recommended offer of €9.25 per share and €1.48 per option for the company’s option holders.

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“The total value of the offer, based on all 76,179,063 issued and outstanding Rovio shares and all 742,300 issued and outstanding options… is in the aggregate approximately €706 million. Rovio shareholders who, in the aggregate, own shares, respectively 1 % of Rovio’s outstanding shares and votes have committed to accept the offer subject to certain customary conditions.”

Rovio’s board of directors unanimously agreed to recommend that stockholders and option holders accept the offer. Its value is a premium to Rovio’s stock, both companies said. The premium is about 63.1% to Rovio’s closing share price of €5.67 on January 19, the last day of trading before Israel’s Playtika announced a €683 million offer to buy Rovio. The offer never materialized, but Rovio continued explore options

The price tag offered by Sega represents a premium of approximately 19% over Rovio’s closing price on Friday and 17.5% over its weighted average trading price over the past three months.

Sonic the Hedgehog is a well-known character from Sega games, which, in fact, has become a symbol of the platform. The acquisition of Rovio, the developers of the world-famous Angry Birds, strengthens its position in the mobile gaming market. Both franchises are quite successful outside the gaming sphere, and their characters are made into films and animated films.

The classic version of Angry Birds is being removed from Google Play – as of February 23. The game will remain in the App Store, but under the new name Red’s First Flight

Source: The Hollywood Reporter