Modern Times Group Closes Acquisition of Ninja Kiwi

Chris and Stephen Harris

Modern Times Group MTG AB (publ), a Stockholm, Sweden-based strategic acquiror and operator of gaming and esports entertainment companies, completed the acquisition of 100 % of the shares in Ninja Kiwi Limited, an Auckland, New Zealand based tower defense gaming studio.

The deal was announced on March, 24, 2021.

The up-front consideration amounts to approximately SEK 1,217 million (NZD 203 million) and earn-out payments at an expected value of SEK 406 million (NZD 68 million) in aggregate, including cash and share components.

The acquisition of Ninja Kiwi adds a portfolio of games within the tower defense genre – including the Bloons platform – and knowledge to MTG’s other games development and publishing studios. Furthermore the acquisition contributes to MTG’s overall strategy of continued growth through both strategic acquisitions and organic initiatives.

Founded in 2006 by brothers Chris and Stephen Harris, Ninja Kiwi is a developer and publisher of tower defense genre games for mobile, console, and desktop – games such as Bloons® TD 6, Bloons® TD Battles, and SAS: Zombie Assault® 4. The 70-person company is headquartered in Auckland, New Zealand, and has a second game development studio in Dundee, Scotland. Ninja Kiwi has gross revenues in 2020 amounting to SEK 337 million (NZD 56 million) and an adjusted EBITDA of SEK 168 million (NZD 28 million). Revenue come from both purchase of the games, and in-game purchases.