US digital marketing company AppLovin (Nasdaq: APP) has submitted a non-binding bid to merge with US video games software company Unity Software (NYSE: U), with the acquisition contingent on Unity canceling its merger agreement with Israeli app monetization developer ironSource (NYSE: IS). As a result, ironSource’s share price is currently down 5.9% on Wall Street.
RELATED ARTICLES
Unity faces backlash from customers over ironSource merger
AppLovin, which has a market cap of $15.2 billion, is exploiting an opportunity after many Unity shareholders expressed dissatisfaction with the merger with ironSource. AppLovin may benefit from the shareholder opposition to the ironSource deal.
After the proposed merger AppLovin would hold 45% of the merged company’s shares and Unity 55%. AppLovin markets software platforms for app developers, which assist them in finding customers, monetization and metrics, and is a major rival of ironSource.
Published by Globes, Israel business news – en.globes.co.il – on August 9 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.