Media and Games Invest


Market Cap€353m

Last Close €2.36

Media and Games Invest (MGI) is a fast-growing games and media company, following a ‘buy, integrate, build and improve’ M&A strategy. Its principal subsidiaries include gamigo (online games), ReachHero (media influencer), Applift (mobile advertising) and PubNative (mobile advertising).

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Investment summary

MGI has announced the acquisition of AxesInMotion, a Spanish free-to-play mobile games developer of racing games for €55m in cash up-front, plus up to €110m in earn-out over the three years to 2024. The up-front consideration represents an EV/EBITDA multiple of 9.1x and based on the earn-out, the final EV/EBITDA multiple will fall between 6.8 and 9.1x. Through its integrated games and adtech business, MGI has identified significant synergies from the acquisition, with the potential to triple revenue and EBITDA (to €24m and €17m respectively) in the medium term. As a result of the acquisition, MGI has raised its FY22 revenue guidance to €295–€315m (previously €290–€310m) and its adjusted EBITDA to €83–93m (previously €80–90m). The acquisition is expected to complete in May.

Content on Media and Games Invest
Media and Games Invest – Acquisition of AxesInMotion
TMT | research QuickView | 3 May 2022
Edison QuickView
Media and Games Invest – Q321 results, 41% y-o-y organic growth
TMT | research Flash note | 18 November 2021
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Share price graph
Price performance
Actual (24.7) (32.1) (52.9)
Relative* (15.3) (23.5) (42.8)
52-week high/low €6.7/€2.4
*% relative to local index
Key management
Paul Echt FD
Remco Westerman Executive Chairman