IHS Markit final U.S. manufacturing PMI in May unchanged at 39.8

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Zynga to acquire Turkish mobile gaming company Peak for $1.8 billion in cash and stock

Video game maker Zynga Inc. said Monday it has agreed to acquire Turkish mobile gaming company Peak for $1.8 billion in cash and stock. Peak is the owner of Toon Blast and Toy Blast, two franchises that rank in the top 10 and top 20 U.S. iPhone grossing games for more than two years, Zynga said in a statement. “These franchises add significant scale to Zynga’s live services and will be an additional driver of margin expansion over the coming years,” said the statement. Zynga is paying $900 million in cash and about $900 million in common stock with the deal expected to close in the third quarter. Peak was founded in 2010 and is expected to grow Zynga’s average mobile daily average users by more than 60%. Zynga said it now expects its second-quarter loss per share to come to 17 cents, wider than the 6 cents it expected when it last offered guidance in May. Zynga shares rose 4.5% premarket and are up 50% in the year to date, while the S&P 500 has fallen 6%.

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