CVC to acquire $5bn majority stake in Dream Games

July 2025 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

July 2025 Issue

In a $5bn deal designed to support its next chapter of growth and continued global leadership in mobile games, Istanbul-based mobile gaming company Dream Games is to be acquired by Jersey-based private equity and investment advisory firm CVC Capital Partners.

The transaction will provide liquidity to Dream Games’ initial venture capital partners who will exit after over five years, and initiates a strategic partnership with CVC as its new equity partner to help further accelerate the company’s continued global leadership in mobile games. Funds managed by Blackstone and other investors will provide debt financing as part of the transaction.

Dream Games and CVC have not disclosed the financial terms or the size of the stake acquired.

The companies said the partnership aims to accelerate Dream Games’ product development pipeline, including the creation of new titles to build on the global success of Royal Match, which the company claims is the highest-grossing puzzle game worldwide, surpassing $3bn in lifetime revenue from nearly 300 million downloads.

Founded in 2019 by mobile game industry veterans Soner Aydemir, Ikbal Namli, Hakan Saglam, Eren Sengul and Serdar Yilmaz, in November 2024, Dream Games launched its highly anticipated second mobile game, Royal Kingdom, the next chapter of the Royal mobile games universe.

Both games have achieved global success, with Dream Games recognised as a leader in delivering high-quality, innovative and engaging mobile gaming experiences to customers across the world.

“We are incredibly proud of what our team has built so far, and we are excited to enter this next phase of growth with the support of our new investors,” said Mr Aydemir, co-founder and chief executive of Dream Games. “CVC’s experience investing in category-leading companies, and track-record of supporting the long-term vision of founding teams, make them ideal partners as we continue to enhance our global leadership.”

With the support of its new investors, Dream Games plans to continue its expansion of the Royal universe and develop innovative new titles, while continuing to captivate players around the world with its high-quality mobile game experiences.

“Dream Games has created some of the world’s most beloved and commercially successful intellectual property, including King Robert, King Richard & The Dark King,” said Nick Clarry, managing partner and head of CVC’s sports, media and entertainment team. “We are very pleased to have the opportunity to work with this world class management team, and help them realise their ambitious vision in the Royal Universe.”

Acting as financial adviser and debt structuring agent to Dream Games is Goldman Sachs International, with White & Case acting as legal counsel. PJT Partners acted as financial adviser and Latham & Watkins acted as legal counsel to CVC.

The transaction is subject to customary regulatory approvals and expected to close in the third quarter of 2025.

Fraser Tennant