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DLA Piper, Fenwick & West and William Fry have advised King.com, the company behind Candy Crush Saga, on its proposed $500m IPO on the New York Stock Exchange (NYSE).
The entertainment brand plans to use the funds for working capital and acquisitions.
Fenwick & West advised on the US listing aspects of the deal from its Mountain View office, fielding a team including securities and corporate finance partners Jeffrey Vetter and Jamie Evans, who have previously advised a number of issuer-side IPOs including Facebook. Co-chair of the firm’s gaming and digital media industry group Mark Stevens, and securities and corporate finance partner Jamie Evans also advised on the transaction (2 February 2012).
Meanwhile, William Fry was instructed to advise on the company’s reorganisation to redomicile from Malta to Ireland after the upcoming float and any pursuant Irish law issues. Corporate partner David Carthy led on the transaction for the firm, alongside partners David Fitzgibbon and Barry Conway, associate Susanne McMenamin and employment partner Maura Roe.
King.com owners include private equity giant Apax Partners, which holds a 48.2 per cent stake in the company, and venture capital firm, Index Ventures, which has an 8.3 per cent shareholding.
Its most popular game by far is Candy Crush Saga – one of the most downloaded apps of 2013 – which had 1,085 million average daily games played across all platforms in December 2013. The company’s F-1 filing with the US Securities and Exchange Commission states that Candy Crush Saga “is one of the largest interactive entertainment franchises of all time”.
King also owns games including Pet Rescue Saga, Farm Heroes Saga, Papa Pear Saga and Bubble Witch Saga.
The deal is one of a number of tech IPOs expected for 2014, following the confidential floatation of GoPro earlier this month. Other companies thought to be planning IPOs include well-known digital names Airbnb, Dropbox, Zoosk and Pinterest.