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Unity Software Finalizes $4.4 Billion ironSource Acquisition After Last Minute Counter Offer

Unity Software ironSource

The ironSource management team in 2021 (Company PR pic)

American video game company Unity Software and Israel-based ironSource which offers a multi-media platform, have completed their merger. The merger, which was first announced in July, came into doubt when another firm threw a wrench into the works.

After the Unity/IronSource deal was first announced, gaming software Company AppLovin made a $17.54 billion takeover bid for Unity Software. But Unity’s board of directors declared on Monday it had unanimously determined that the AppLovin bid was not in the best interests of Unity shareholders and would not reasonably be expected to result in a “Superior Proposal” as defined in Unity’s merger agreement with ironSource.

The Unity Software Board went on to declare that it reaffirmed its earlier recommendation to Unity’s shareholders to vote in favor of the previously announced ironSource transaction and recommends against the unsolicited AppLovin proposal. “The Unity Board is committed to acting in the best interests of Unity shareholders with a focus on driving long-term sustainable value creation,” it said.

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Unity Software also stated that the combined new company after the ironSource merger is expected to generate a run rate of $1 billion in Adjusted EBITDA by the end of 2024, and the combination is expected to generate $300 million in annual EBITDA synergies by year three.

In connection with the merger, Unity’s Board of Directors authorized a 24-month share buyback program of up to $2.5 billion, effective upon closing of the merger. Unity shareholders Silver Lake and Sequoia have fully committed to purchase an aggregate of $1 billion in convertible notes from Unity at closing, demonstrating their belief in the value creation potential of the merger.

John Riccitiello, President and Chief Executive Officer of Unity, said, “The Board continues to believe that the ironSource transaction is compelling and will deliver an opportunity to generate long-term value through the creation of a unique end-to-end platform that allows creators to develop, publish, run, monetize, and grow live games and real-time 3D content seamlessly. We remain committed to and enthusiastic about Unity’s agreement with ironSource and the substantial benefits it will create for our shareholders and Unity creators.”

Founded in 2010, ionSource offers a mobile ad mediation platform, mobile ad network, and a data-driven user acquisition platform for games which it boasts closes the monetization and marketing loop to empower game developers to turn their games into successful businesses.

IronSource went public on the NYSE through a SPAC merger in 2021 during the COVID-19 pandemic. It was valued at $11.1 billion, a 94% premium on its current value on the NYSE.

Nasdaq-listed Unity is a much bigger company. Unity is presently valued at $more than $16 billion. Unity Software is a platform for creating and operating interactive, real-time 3D (RT3D) content. Creators, ranging from game developers and architects to automotive designers, filmmakers, and more, use Unity to make their creations come to life. Unity’s platform provides a comprehensive set of software solutions to create, operate, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices.



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