Aristocrat Leisure, the Australian gambling machine manufacturer, has finalised the sale of its subsidiary Plarium, the developer behind the mobile role-playing game 'Raid: Shadow Legends', to Sweden's Modern Times Group in a deal worth up to $820 million, according to a recent report by Reuters. 

The transaction includes a fixed sum of $620 million, with an additional $200 million contingent on Plarium achieving specific financial milestones from 2025 to 2028, says the report. The sale aligns with Aristocrat's strategic shift away from mobile games and towards real-money gaming markets.

This move comes after Aristocrat's Pixel United division reported a decline in revenue across its casual and mid-core games. Bookings for RPG, strategy, and action games dropped to A$283.7 million from A$296.4 million in the first half of the fiscal year, while casual game bookings also declined, states Reuters. Aristocrat announced a review of its mobile game portfolio in May, focusing on opportunities for restructuring and divestiture.

The acquisition of Plarium adds 'Raid: Shadow Legends' and other mobile games to Modern Times Group's portfolio, strengthening its position in the mobile gaming market, adds Reuters. The newly combined entity is projected to generate annual revenue exceeding SEK (Swedish Krona) 12 billion ($1.11 billion), with an expected EBITDA above SEK 3 billion, according to Modern Times Group.