Biggest video game deals of 2024, plus more takeaways from I
https://gameworldobserver.com/2025/01/27/biggest-gaming-deals-2024-investgame-report
InvestGame has released its annual gaming deals report. Here are the biggest transactions that took place in the industry last year, as well as key trends reflecting the current market environment.
Key takeaways
- According to InvestGame’s 2024 report, there were 665 closed deals in the games industry last year, up 14% from 2023.
- Private equity was the largest sector in 2024, with 466 deals closed (+12.2% year-over-year). The number of M&A deals increased 18.5% to 147, excluding announced but not yet closed transactions. There were also 52 public offerings, up 18.1% year-over-year.
- All 2024 deals had the total value of $23.2 billion, down 72.5% from 2023. However, there was a 46.8% increase when excluding Microsoft’s record-breaking $68.7 billion acquisition of Activision Blizzard.
InvestGame noted that M&A activity last year shifted from “opportunistic, short-term ‘arbitrage’ deals to more strategic, long-term, and objective-driven transactions, with deal-making activity remaining above pre-COVID levels.”
In terms of private equity, VCs started investing more in platform and tech startups, while corporate funds focused on game development studios. This trend will continue in 2025.
Analysts expect M&A activity this year to match or slightly exceed 2024 levels, with rising interest in AI technologies creating new opportunities in Web3 and tech-centric ventures.
According to InvestGame, we may see some private studios file for an IPO due to a more favorable market environment, while public companies “may increasingly rely on PIPEs (private investment in public equity) to finance future growth.”
The biggest video game deals and investments of 2024
Below are the top 5 M&A deals of 2024 in the games industry:
- EQT’s acquisition of Keywords Studios — $2.8 billion;
- Miniclip’s acquisition of Easybriain — $1.2 billion (divested by Embracer Group as part of its restructuring;
- CVC Capital’s acquisition of Jagex — $1.1 billion;
- Playtika’s acquisition of SuperPlay — up to $2 billion ($700 million upfront);
- MTG’s acquisition of Plarium — up to $820 million ($620 million upfront);
Other notable deals include Take-Two’s acquisition of Gearbox Entertainment for $460 million and Beacon Interactive’s management buyout of Saber Interactive for $247 million. Both transactions were part of Embracer Group’s restructuring, in which the Swedish holding company divested some of its core assets to recover from its financial hurdles.
In terms of private equity, Disney’s $1.5 billion investment in Epic Games leads the way. It is followed by Aonic, which raised €152 million from Metric Capital Partners and Active Ownership, and Build A Rocket Boy, which raised $110 million in a round led by RedBird Capital Partners.
IPO activity remained low in 2024, with the most notable public offerings coming from outsourcing studio Winking Studios and Stellar Blade developer Shift Up. The latter raised $320 million in an IPO, the largest for a South Korean game company since Krafton.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
