DoubleU Games Completes Acquisition of Turkish studio Paxie Games “Secures New Global Growth Engine”

• Merger review completed on March 26, finalizing the acquisition of Paxie Games with an upfront payment of $29.9 million for 60% of the company’s ownership, with the remaining ownership to be acquired through an earnout structure over a three-year period.
• Paxie Games’ flagship game, Merge Studio: Fashion Makeover, achieves robust global performance, surpassing 28 million downloads and $34 million in cumulative revenue as of the end of February.
• DoubleU Games to drive long-term growth and expand global network through acquisition

SEOUL, South Korea--(BUSINESS WIRE)--Following its acquisition announcement in December 2024, DoubleU Games has proceeded with the necessary steps including merger clearance from the Turkish competition authority, and closed the transaction on March 26.

Paxie Games, a Turkey-based casual game developer, specializes in the rapidly growing Merge 2 genre. Its flagship game, Merge Studio: Fashion Makeover, has demonstrated strong global traction, surpassing 28 million cumulative downloads and $34 million in cumulative revenue as of the end of February.

With this acquisition, DoubleU Games has secured a key growth engine as it continues to expand its presence as a global gaming company. The deal is expected to strengthen the company’s position in the fast-growing Turkish casual gaming market and accelerate the expansion of its global network.

The company also anticipates strong synergy from the deal, particularly as both DoubleU Games’ core business—social casino—and Paxie Games’ user base are primarily female and rely on similar marketing channels. Leveraging its strong financial position and marketing capabilities, DoubleU Games plans to pursue aggressive yet efficient marketing strategies. Furthermore, acquiring Paxie Games’ casual game development expertise is expected to contribute to building a solid foundation for long-term growth.

“The acquisition of Paxie Games will further strengthen our competitiveness in the global gaming market,” adding, “We will continue to explore opportunities with high-potential companies to support our long-term growth strategy,” said Jay Choi, CFO of DoubleU Games.

“We are thrilled about the incredible opportunities ahead for our company. Merge Studio, our rapidly scaling hit game, is only the beginning. Through our full-scale collaboration with DoubleU Games, we are set to achieve even greater growth by expanding our portfolio with exciting new games, reaching a broader audience, and further growing our business,” said Direnç Çelik, CEO of Paxie Games.

About Mobile Game Industry in Turkey

The Turkish game industry is characterized by high concentration of small and medium sized gaming studios, and has become a globally renowned hub for both new and established mobile gaming studios.

Recent active M&A activities in the Turkish gaming market underscore Turkey’s significant role in the global mobile gaming market. A notable example is Zynga's acquisition of Turkish game developer Peak Games for $1.8 billion in 2020. Peak Games is renowned for its popular casual games, Toon Blast and Toy Blast, and this acquisition played a significant role in strengthening Zynga's position in the casual gaming market.

Turkish game developers have recently demonstrated their exceptional development capabilities by producing numerous global hit titles. Dream Games stands out as a prime example, garnering worldwide popularity with its global hit Royal Match.

About Paxie Games

Founded in 2021 by Direnç Çelik, Hüseyin Anıl Özmen, Refik Anıl Bulut and Sarenur Başel, Paxie Games is headquartered in Istanbul, Turkiye. Its flagship title, Merge Studio: Fashion Makeover, successfully integrates character makeover gameplay with Merge-2 puzzle-solving mechanics, catering a wide audience, particularly appealing to the female audience. As of February 2025, the game has achieved over 28 million in cumulative downloads, based on Sensortower. Other live titles include Tile Star and Mahjong Infinity.

About DoubleU Games

DoubleU Games Co., Ltd. is a Korean social casino game development company. The company was founded in 2012 and listed on the KOSPI in 2019. DoubleU Games develops and services competitive mobile games globally and acquired DoubleDown Interactive Co., Ltd.’s in 2017, holding a strong position in the global social casino market.