DoubleU Games Acquires Turkish Studio Paxie Games
DoubleU Games Acquires Turkish Studio Paxie Games in a Deal Valued at Up to $67 Million
Strategic Entry into the Fast-Growing Merge-2 Puzzle Market
South Korean mobile gaming giant DoubleU Games has agreed to acquire Paxie Games, a leading Turkish gaming studio renowned for its hit title Merge Studio: Fashion Makeover. This strategic acquisition, valued at up to $67 million, marks DoubleU Games’ entry into the high-growth Merge-2 puzzle genre and strengthens its global portfolio.
Under the agreement, DoubleU Games will acquire a 60% stake in Paxie Games for $27 million at closing, with the remaining 40% to be purchased over three years, contingent on achieving financial performance milestones. The transaction, financed through treasury shares and cash, will close in Q1 2025.
Founded in 2021 by Direnç Çelik, Hüseyin Anıl Özmen, Refik Anıl Bulut, and Sarenur Başel, Paxie Games has achieved significant success with Merge Studio, which has garnered over 25 million downloads worldwide. The studio’s portfolio also includes Tile Star and Mahjong Infinity, with plans to expand further through new titles.
“This acquisition represents a transformative step for DoubleU Games as we expand into the fast-growing Merge-2 puzzle genre,” said Jay Choi, CFO of DoubleU Games. “Paxie Games brings a unique edge with its engaging gameplay, intuitive mechanics, and innovative LiveOps strategies, which have proven highly effective in retaining players and driving user engagement.”
Paxie Games CEO Direnç Çelik expressed enthusiasm about the partnership: “In just three years, our talented team has delivered remarkable results, including making Merge Studio one of the most downloaded games globally. Joining forces with DoubleU Games positions us for even greater growth, allowing us to scale our current titles and introduce new ones to a broader audience.”
The acquisition not only diversifies DoubleU Games’ portfolio but also provides opportunities for synergy, leveraging DoubleU’s marketing network to accelerate Paxie Games’ growth. Additionally, the deal enables DoubleU to introduce its acclaimed titles to the South Korean market for the first time, a milestone for a company that derives 100% of its revenue internationally.
About Paxie Games
Paxie Games, based in Istanbul, Türkiye, is a leading mobile gaming studio specializing in Merge-2 puzzle games. Its flagship title, Merge Studio: Fashion Makeover, combines character makeover gameplay with puzzle-solving mechanics, appealing to a broad audience.
About DoubleU Games
Founded in 2012 and listed on the KOSPI in 2019, DoubleU Games Co., Ltd. is a global developer of competitive mobile games, including social casino titles. With offices in South Korea, the U.S., and Europe, the company employs approximately 600 people and achieved $400 million in consolidated revenue over the past year.
This acquisition highlights the growing prominence of Türkiye’s gaming ecosystem, which has seen major M&A activity, including Zynga’s acquisition of Peak Games for $1.8 billion in 2020. Studios like Paxie Games and Dream Games continue to elevate the country’s global reputation in mobile gaming.
