Russian publisher MY.GAMES sells for $642M

Russian games developer MY.GAMES has been acquired in a deal said to be worth $642M.

The deal: It was announced by the company in late September.

• The developer was previously owned by VK Company, which is part of the Mail.ru corporate group.
• The company published a press release revealing that it had sold the games-focused company for $642M.
• Aleksander Chachava, Managing Partner of Leta Capital, was selected as the new buyer after a "multi-stage selection procedure" and now owns all assets owned by the developer.

Recommended reading → Every major video game industry acquisition of 2022

Further details: It's one of the biggest acquisitions in the industry in 2022.

• MY.GAMES for formed in May 2019 as a means for Mail.ru to enter the world of digital distribution.
• The release states that Leta Capital is a venture capital firm that uses a "data-driven approach to select the best investment opportunities."
• While no longer owning and operating the MY.GAMES brand, VK Company will continue to "develop its own gaming services" as VK Play. Co-founder Vladimir Nikolskiy will stay with MY.GAMES, however
• 2022 has proven to be the year for major video game acquisitions, from Take-Two's $12.7B purchase of Zynga and Microsoft's prospective $68.7B acquisition of Activision Blizzard headlining the year so far.