By Sagar V. Mankar 
DoubleU Games, the social casino game developer from South Korea, has announced an acquisition deal with the Turkish gaming studio Paxie Games, known for its hit title Merge Studio: Fashion Makeover.
The deal, valued at up to $67 million, involves an initial 60% stake for $27 million, with the remaining 40% to be acquired over three years based on performance milestones. The acquisition is expected to be finalized in the first quarter of 2025.
Jay Choi, CFO of DoubleU Games, expressed excitement about the strategic move. “Paxie Games’ strength lies in its intuitive gameplay and extended user engagement. The integration between meta and core game mechanics makes its games particularly appealing,” said Choi.
The acquisition will also enable Paxie Games to leverage DoubleU Games’ established marketing network, especially in the U.S., to fuel its growth and expand its reach. Direnç Çelik, CEO of Paxie Games, shared similar optimism, emphasizing the potential for further success by joining forces with DoubleU Games.
Paxie Games, founded in 2021, is best known for its flagship title, Merge Studio: Fashion Makeover. The game has garnered over 25 million downloads with an estimated over $ 5 million in revenue as of December 2024, making it one of the top performers in the Merge-2 genre. It combines character makeover gameplay with Merge-2 puzzle-solving, catering primarily to a female audience. Other successful titles include Tile Star and Mahjong Infinity.
Through this partnership, DoubleU will make its titles available in Korea, thereby expanding its international footprint.
The Turkish gaming industry has become an essential player in the global mobile gaming market, with many small and medium-sized studios achieving international success. Noteworthy recent developments include Zynga’s acquisition of Peak Games for $1.8 billion in 2020, a move that strengthened its position in the casual gaming market. Turkish developers, including Dream Games with its hit title Royal Match, have shown impressive growth and development.
Sources: DoubleU Games, Paxie Games, SensorTower