Ten Square Games’ Acquisition of Rotos Srl

Rymarz Zdort and Gianni & Origoni advised Polish mobile game developer Ten Square Games on the deal. Spinazzi Azzarita Troi Genito advised the sellers.

Ten Square Games completed the acquisition of Italian mobile flight simulator developer Rortos from shareholders.

Under the agreement, Ten Square Games S.A. will acquire 100% shares of RORTOS SRL for the price of EUR 45 million on a cash and debt-free basis. The up-front price represents a 9.8x multiple on estimated normalized 2020 EBITDA, in accordance with the TSG’s accounting principles. In addition, the agreement envisages further payments towards the sellers for the period from 1 July 2021 to the end of 2025 in the maximum amount not higher than EBITDA achieved in the aforementioned period.

Ten Square Games is a fast-growing mobile games developer, employing over 400 people in four studios in Poland (Wroclaw and Warsaw), Germany (Berlin), and Romania (Bucharest). With nearly EUR 127 million in revenue in 2020, the company is one of the top quoted game dev enterprises listed on the Warsaw Stock Exchange. It specializes in free-to-play casual games and its portfolio includes, among others, “Fishing Clash” – one of the world’s most popular 3D fishing simulators, and “Hunting Clash” – a realistic hunting simulator. 

Rortos is an Italian studio that has developed many mobile games in the flight simulation segment. The company was founded in 2011 by Roberto Simonetto, currently CTO & President, who combined 21 years of IT experience with his passion for flying to develop Rortos. 

The Rymarz Zdort team included Partners Pawel Zdort, Filip Uzieblo, and Monika Kierepa, Senior Associate Aleksandra Kabac, and Associate Monika Michalowska.

The Gianni & Origoni team included partner Paolo Brugnera and associate Tommaso Perilongo.

The Studio Legale SAT included partner Alvise Spinazzi and Silvio Genito.

Involved fees earner: Paolo Brugnera – Gianni & Origoni; Tommaso Perilongo – Gianni & Origoni; Aleksandra Kabac – Rymarz Zdort; Monika Kierepa – Rymarz Zdort; Filip Uzieblo – Rymarz Zdort; Pawel Zdort – Rymarz Zdort; Silvio Genito – SAT; Alvise Spinazzi – SAT; Monika Micha?owska – Weil, Gotshal & Manges;

Law Firms: Gianni & Origoni; Rymarz Zdort; SAT; Weil, Gotshal & Manges;

Clients: Rortos Srl; Ten Square Games ;