Investments·Updated Apr 8, 2026 by Drake Star Partners
Global gaming M&A activity surged in 2024, reaching $27.3 billion across 960 transactions, representing a 39% increase in disclosed value and a 21% rise in deal volume compared to 2023.
Private placements raised $4.8 billion across 711 rounds, marking a 30% increase in total value despite a slight decline in the number of deals.
The PC/Console segment led market activity with 53 deals, followed by Mobile (38) and Platform/Tools (32), with major acquisitions including EQT’s $2.8 billion purchase of Keywords and Playtika’s $1.95 billion takeover of SuperPlay.
Mobile gaming remains a high-value sector, with over $2 billion in transaction value driven by strategic acquisitions like Scopely’s $1.2 billion purchase of Miniclip and increased integration of ad-tech, such as LoopMe’s acquisition of Chartboost.
Valuation multiples for gaming firms currently average 2–3× EV/EBITDA and 10–30× EV/Revenue, with Chinese firms like 37Games and Kingnet showing stronger growth and higher multiples than many Korean counterparts.
The industry is positioned for continued growth, with market data indicating an environment primed for further M&A activity and potential IPOs heading into 2025.
Global gaming M&A activity surged in 2024, reaching $27.3 billion across 960 transactions, representing a 39% increase in disclosed value and a 21% rise in deal volume compared to 2023.
Private placements raised $4.8 billion across 711 rounds, marking a 30% increase in total value despite a slight decline in the number of deals.
The PC/Console segment led market activity with 53 deals, followed by Mobile (38) and Platform/Tools (32), with major acquisitions including EQT’s $2.8 billion purchase of Keywords and Playtika’s $1.95 billion takeover of SuperPlay.
Mobile gaming remains a high-value sector, with over $2 billion in transaction value driven by strategic acquisitions like Scopely’s $1.2 billion purchase of Miniclip and increased integration of ad-tech, such as LoopMe’s acquisition of Chartboost.
Valuation multiples for gaming firms currently average 2–3× EV/EBITDA and 10–30× EV/Revenue, with Chinese firms like 37Games and Kingnet showing stronger growth and higher multiples than many Korean counterparts.
The industry is positioned for continued growth, with market data indicating an environment primed for further M&A activity and potential IPOs heading into 2025.