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mtg acquires mobile racing game studio hutch games for up to $375 million

AVATAR Romain Dillet
Romain Dillet
Senior Reporter
•December 9, 2020
Topics:EuropeHutchHutch GamesMedia & EntertainmentMergers and Acquisitionsmobile gamingMTGStartups
mtg acquires mobile racing game studio hutch games for up to $375 million

MTG, a Swedish media group, is substantially expanding its presence within the mobile gaming sector through a major purchase. The company is acquiring Hutch Games, a London-based game development studio celebrated for its widely played mobile racing titles, including Rebel Racing, F1 Manager, and Top Drives.

This acquisition represents a considerable investment for MTG, with an initial outlay of $275 million, accompanied by an additional $100 million allocated for potential performance-based bonuses.

While the MTG name might be unfamiliar, its holdings are likely recognizable. In recent years, MTG has strategically acquired ESL and DreamHack, establishing itself as a prominent force in the esports landscape.

MTG’s expansion also includes the acquisitions of InnoGames and Kongregate, both known for their popular games available on the web and mobile platforms. The company indicates further acquisitions are planned as it continues to grow.

MTG’s rationale for this acquisition is outlined in its official statement. Hutch Games distinguishes itself through a diverse catalog of successful games, a positive indicator for sustained future development.

The studio has also secured licenses for prominent brands, notably Formula 1. MTG anticipates continued growth for F1 Manager, Top Drives, and Rebel Racing, recognizing the evolving nature of free-to-play mobile games as ongoing service offerings requiring long-term engagement.

Looking ahead, Hutch Games has additional game projects scheduled for release in 2021 and 2022. Furthermore, the studio operates efficiently, with a workforce largely comprised of game developers.

During the first nine months of 2020, Hutch Games reported revenue of $56.3 million and earnings before interest and taxes (EBIT) of $13.3 million. Investors in Hutch Games included Backed VC, Index Ventures, Initial Capital, and individual investor Chris Lee.

The profitability of free-to-play gaming is evident, suggesting further industry consolidation is likely. Larger companies are expected to leverage their financial resources or utilize debt to amass extensive game portfolios, progressively securing prominent positions on mobile device home screens.

#MTG#Hutch Games#acquisition#mobile gaming#racing games#gaming industry

Romain Dillet

Romain Dillet served as a Senior Reporter for TechCrunch until April 2025. He authored more than 3,500 pieces focusing on technology and emerging tech companies, becoming a recognized and respected commentator within the European technology landscape. His expertise encompasses a broad range of areas, including startups, artificial intelligence, financial technology, data protection, cybersecurity, blockchain technology, mobile technology, social media, and the media industry. Having spent thirteen years with TechCrunch, he became a well-known figure at the publication renowned for its comprehensive coverage of Silicon Valley and the broader technology sector – he initially joined TechCrunch at the age of 21. Situated in Paris, he is widely regarded by many within the technology community as a highly informed and insightful technology reporter. Romain has a talent for identifying promising startups at an early stage. He was the first journalist to report on Revolut, Alan, and N26. He also broke stories regarding significant acquisitions made by Apple, Microsoft, and Snap. Beyond his writing, Romain also possesses skills as a software developer, giving him a practical understanding of the technical aspects of technology. He also maintains a comprehensive understanding of the history of computing over the last half-century, allowing him to effectively analyze the connections between new developments and their broader societal impact. Romain is an alumnus of Emlyon Business School, a prominent French business school with a specialization in entrepreneurship. He has also contributed his time and expertise to various charitable organizations, including StartHer, which focuses on advancing education and empowerment for women in the technology field, and Techfugees, an organization dedicated to assisting displaced individuals through the use of technology.
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Romain Dillet