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Zynga to buy Finnish mobile game studio

Zynga Inc. agreed to buy Finland-based mobile game developer Small Giant Games Ltd. in a cash-and-stock deal worth $560 million.

Zynga will acquire 80% of Small Giant for $330 million in cash and $230 million of unregistered Zynga common stock. Zynga will purchase the remaining 20% share of Small Giant over the next three years for amounts determined by profitability goals, according to a Dec. 20 news release.

Small Giant's team will be added to Zynga's live service portfolio. The acquisition will be accretive to Zynga's growth and profitability in 2019, the company said.

The transaction, which is expected to close Jan. 1, 2019, is subject to customary closing adjustments and will be partially funded by a $200 million revolving credit facility.