Sweden-based MTG acquires Hutch Games, a London-based game studio behind popular mobile racing games such as Rebel Racing and F1 Manager, for up to $375M
Context & Ripple Effects
This deal slots into a fast-moving Swedish roll-up wave. Earlier in 2020, Stillfront Group set the template with its $300M acquisition of Storm8, folding a US mobile studio into a Stockholm-listed group. Now MTG is applying the same playbook to London, paying up to $375M for the studio behind Rebel Racing and F1 Manager.
The pattern did not stop there: within seven months MTG followed up by buying Indian puzzle-gaming startup PlaySimple for at least $360M (the PlaySimple deal), while Embracer Group later reported Q1 sales up 107% YoY alongside six acquisitions including The Lord of the Rings and Hobbit IP. Hutch is one data point in Sweden's consolidation of mid-size mobile studios into listed platform companies.
First-order effects
- Hutch Games' racing catalog — Rebel Racing and the officially licensed F1 Manager — moves under MTG's ownership, giving the Swedish group an established mobile racing franchise rather than a build-from-scratch bet.
- MTG's shareholders take on an earnout-style structure with the 'up to' $375M price, tying final cost to Hutch's post-deal performance.
Second-order effects
- Rival Swedish consolidators — Stillfront after Storm8, Embracer on its acquisition spree — face a competitor using the same M&A currency, pushing them to keep bidding for independent mobile studios before valuations rise.
- London-based gaming studios gain a proven exit route at nine-figure prices, strengthening the city's position as a European mobile-game development hub that acquirers shop in.
Third-order effects
- If the Swedish roll-up model keeps compounding — MTG, Stillfront, Embracer all scaling through acquisition — Europe's mobile gaming market consolidates around a handful of listed platform groups, leaving fewer independent mid-size studios as standalone targets.
- Licensed sports IP like F1 becomes a key asset class in these deals, since owning official licenses inside a large portfolio raises switching costs for players and barriers for smaller rivals.
The trend: Swedish-listed gaming groups are systematically rolling up independent mobile studios across Europe and beyond, turning national acquirers into global mobile-gaming platforms.