[From the industry] Huuuge commences review of strategic options

This is a press release posted in addition to our usual editorial content.

Huuuge, a global developer and publisher of free-to-play mobile games, has announced that it has decided to commence a review of strategic options for the future of the Company.

US registered Huuuge employs almost 600 people globally and has offices in the US, UK, Poland, Israel, the Netherlands, Cyprus and Finland. Huuuge is best known for its extremely popular Huuuge Casino and Billionaire Casino social casino franchises as well as Traffic Puzzle, a top grossing match 3 puzzle game, acquired by the company last year. In 2021 Huuuge made its debut on the Warsaw Stock Exchange, which was the largest listing by a mobile gaming company in Europe.

The purpose of the strategic options review is to evaluate alternative courses of action that may be available to the company, and that are intended to maximise value for the company’s shareholders. The review is an open-ended process, and the company is considering and open to a variety of strategic options, which may include identifying a strategic or financial investor or pursuing a potential transaction that may result in a change of the company’s shareholding structure. The company has not set a timetable for the review nor has it made any decisions related to strategic alternatives at this time.

During the course of the review, the company will continue to pursue its current strategy, business operations, and roadmap.

Huuuge has already received various unsolicited indications of interest from parties seeking to commence a dialogue regarding the company’s future, and these will be considered by the company’s board along with any other possible courses of action arising from the review. The company’s two largest shareholders – Big Bets and Raine – have both expressed their full support for the process. 

To facilitate the review, the company’s board has appointed a special committee of the board, and has engaged Lazard as financial advisor and Pillsbury and CMS as legal advisers.

Any updates on the review process will be publicly communicated by the company as and when appropriate, and in accordance with the company’s legal obligations.