Social casino developer DoubleU Games has acquired Turkish studio Paxie Games.

The deal for the Merge Studio: Fashion Makeover developer involves DoubleU acquiring a 60% stake for $27 million. The remaining 40% is set to be purchased over the next three years for up to $40 million, contingent on achieving certain financial milestones.

In total, the acquisition could reach a value of $67 million, including earnouts.

The purchase will be financed through a combination of cash and treasury shares and is expected to close in Q1 2025.

Entry into the Merge Market

DoubleU stated that the acquisition aligns with its strategy to enter the expanding merge-2 market. The company highlighted that this marks the first time its games will be available in South Korea, despite being headquartered there.

Estimates from AppMagic indicate that Paxie’s flagship title, Merge Studio, has generated $12.7 million in gross revenue from player spending to date.