DoubleU Games has announced the acquisition of Turkish studio Paxie Games for up to $67 million.

According to Pocket Gamer, the South Korean company has purchased a 60% stake in the Merge Studio: Fashion Makeover developer for $27 million.

The remaining 40% will be acquired over the next three years for up to $40 million.

We believe the acquisition of Paxie Games represents a significant move to secure an expanded portfolio of new mobile gaming titles, driving growth and unlocking new opportunities,” said DoubleU Games chief financial officer Jay Choi.

“We recognise Paxie Games’ competitive edge lies in users’ extended playtime with intuitive gameplay, instant rewards and seamless integration between meta and core game mechanics. Additionally, its operational capabilities are enhanced by execution of diverse and creative live ops events.”

Paxie Games CEO Direnç Çelik added: “We are thrilled about the incredible opportunities ahead for our company. Merge Studio, our rapidly scaling hit game, is only the beginning. Through our full-scale collaboration with DoubleU Games, we are set to achieve even greater growth by expanding our portfolio with exciting new games, reaching a broader audience, and further growing our business.

“By leveraging DoubleU Games’ established marketing network in the US, we plan to drive substantial growth and expand our reach. Together, the combined expertise of Paxie Games in game development and DoubleU Games’ financial strength will pave the way for mutual success and groundbreaking innovation in the gaming industry.”