FunPlus Sells Gaming Subsidiary for $960 Million
Mobile social gaming company The Fun Plus Group has today announced it has sold its wholly owned gaming subsidiary DianDian Interactive to Zhongji Holding for up to $960 million. DianDian Interactive is responsible for multiple hit mobile titles, including Family Farm and Barn Voyage. According to FunPlus, the developer’s games are played by more than four million people every day.
FunPlus chief strategy officer, Dan Fiden, said this move was made at a logical time for both companies. “Zhongji is expanding into important growth industries in China, like gaming. FunPlus built terrific and passionate teams that have nurtured great games with loyal players. Businesses like Family Farm are stronger than ever, and this transaction will allow us to continue to grow them within a public company,” Fiden tells us.
As for DianDian Interactive, the company is focused on both the continued internal development of mobile and social games, as well as partnering with successful Chinese game developers for an increased global presence.
“The mobile market in Asia, and especially in China, will be a massive driver of growth for our industry,” Andy Zhong, CEO and co-founder of FunPlus, said in a company statement. “We believe it will grow exponentially, and that Chinese public market investors will highly value innovative gaming and entertainment companies with global vision.”
FunPlus raised $74 million in Series B funding in March 2014, taking the company’s total funding to $87 million, after a $13 million Series A round in 2012.
“Our management team and all of the key employees responsible for the success of Family Farm, Royal Story and others will remain involved in those games for the next three years. We’re also investing in building and partnering with teams to make new games in a number of genres,” Fiden adds.
The sale is expected to be completed by 2015 and is subject to regulatory approvals.