South Korea’s Netmarble Games is acquiring the bulk of Kabam’s assets, giving it control over the Vanouver-based studio’s “Marvel: Contest of Champions,” which generates 95% of the Canadian company’s revenues.
The value of the transaction, expected to close early next year, was not disclosed. According to the The Wall Street Journal, the deal may have been around $700 million.
Netmarble, with 3,500 employees, is among the top-grossing mobile game companies in the world, according to estimates from Sensor Tower, with revenues more than tripling Kabam’s. Kabam was valued at $1 billion in 2014 but failed to repeat the success of Marvel with a second hit game.
Kabam says it will sell off its remaining assets after the desl with Netmarble closes. Netmarble says it will follow through with the release of Kabam’s scheduled Transformers game in 2017.