South Korean game developer Netmarble has agreed to acquire Hong Kong-based casino game company, SpinX.
According to local reports, the agreement price is $2.2bn, which is being described as the biggest overseas acquisition by a South Korean game company.
SpinX was founded in 2004 as a social casino company and has released popular games like Cash Frenzy, Lota Slots and Jackpot World.
On Monday, Netmarble announced it had agreed to buy 100% of Leonardo Interactive Holdings, the parent company of SpinX.
Now the developer is acquiring SpinX to diversify its gaming portfolio, as well as strengthen global competitiveness.
Through the agreement, Netmarble will be able to add social casino games alongside its portfolio of existing RPG games, to “further strength its line-up of casual games.”
Netmarble believes the acquisition will allow it to gain a foothold in the ever-growing North American market.
Netmarble Co-CEO Lee Seung-won said: "The social casino game genre is growing continuously around the world.
"Especially, SpinX is the fastest-growing company in the genre. With the acquisition, Netmarble has added the social casino genre to the main role-playing game genre. We expect this to strengthen our competitiveness in the global market."
Paul Zhang, CEO of SpinX Games, added: “We are very excited to be joining the Netmarble family, one of the fastest-growing mobile game companies in the world.
“The mobile social casino business is a constantly evolving sector, and we plan to take advantage of this opportunity to strengthen global competitiveness for both companies, as part of the extensive synergies with Netmarble.”