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sale of equity stake to


October 2016


About the Client

Founded in 2007, InnoGames is a leading developer and publisher of online and mobile games. With over 150 million registered players worldwide, the company has produced multiple successful gaming titles including Forge of Empires, Elvenar, Grepolis, Tribal Wars, and The West. InnoGames is renowned for its cross-platform expertise, creating games that work seamlessly across both browser and mobile. Headquartered in Germany, the company has over 400 employees from 30 nations and surpassed EUR 100 million in revenues in 2015.

About the Deal

GP Bullhound acted as the exclusive financial advisor to InnoGames on its sale of an equity stake to Modern Times Group (OM:MTG B) in a transaction valuing InnoGames at EUR 260 million
This represents the completion of GP Bullhound’s 15th transaction in 2016 and further highlights the firm’s expertise in advising companies in the global Games sector.


Hendrik Klindworth, Co-founder and CEO of InnoGames, commented: “We have scored major success with our live games and are now focusing on the development of three new mobile-first titles while maintaining our high quality operations of all live games. MTG’s international presence and enthusiasm for games and building communities will bring our games to even larger audiences around the world, while allowing us to keep our entrepreneurial spirit and flexibility. We are thrilled to partner with MTG and to drive our healthy growth to a new level. Our team could not be more excited about further boosting our overall development and performance for the years to come.”
Julian Riedlbauer, Partner at GP Bullhound, commented: “It has been a pleasure working with the InnoGames founders again after helping them find Eight Roads Ventures as an investment partner during the company’s early years. As the most highly valued Software and Games transaction in Germany thus far in 2016, we are proud to have advised on such a meaningful deal.”
Alec Dafferner, Partner at GP Bullhound, commented: “We have seen some significant transactions in the global Games sector this year and InnoGames deserves to be a part of this elite group. We are pleased to have helped the company find the right deal structure and partner through an international process led by our teams in Berlin and San Francisco.”