Monumental to acquire Kongregate
Current owner MTG will hold a 30% stake in the merger
Austin-based developer Monumental has entered into an agreement to acquire gaming publisher and web portal Kongregate for an unknown sum.
As reported by Pocket Gamer, the two companies will fully merge as a result, with Monumental CEO Monty Kerr heading both. The acquisition will combine both studios' portfolios of over 40 games.
"We are overjoyed to welcome Kongregate into the Monumental family," said Kerr.
"We can't wait to see what comes next, and we're incredibly excited to be part of Kongregate's future."
The Modern Times Group (MTG) acquired Kongregate in 2017 for $55 million. After the acquisition, MTG will still hold a 30% stake in the company.
"We are happy to have found the right home for the next chapter in Kongregate's journey," said MTG president and CEO Maria Redin.
"Monumental has a strong track record of managing and growing games and we are convinced that combining the two portfolios is the right step forward. I wish the teams the best of luck as they now begin their journey together."
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