AppLovin Sells Mobile Gaming Business to Tripledot Studios for $400M

AppLovin Corporation (NASDAQ:APP) is one of the best NASDAQ growth stocks to buy for the next 3 years. On July 1, AppLovin announced the successful completion of the sale of its mobile gaming business to Tripledot Studios.

The transaction was initially announced on May 7 and officially closed on June 30, after satisfying all customary closing conditions and regulatory requirements. Under the terms of the purchase agreement, AppLovin divested its mobile gaming business for a total consideration of $400 million in cash.

AppLovin Sells Mobile Gaming Business to Tripledot Studios for $400M

A close-up of a mobile device, showing an advertiser reaching out to a consumer via a software-based platform.

The divestiture includes 10 game studios and their popular mobile gaming franchises. The studios involved collectively develop well-known mobile games across various genres. The Co-founder and CEO of AppLovin, Adam Foroughi, stated that this transaction streamlines the company to its core business and allows a full focus on future opportunities.

AppLovin Corporation (NASDAQ:APP) builds a software-based platform for advertisers to enhance the marketing and monetization of their content in the US and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.