Riot Platforms acquires 12% stake in Bitfarms despite Kerrisdale Capital's shorting pressure

Jun 06, 2024•over 1 year ago

Acquiring Company

Riot Games Korea Ltd

Acquired Company

Bitfarms

TorontoComputer GamesAnalytics

Description

Colorado-based Riot Platforms has successfully acquired a 12% stake in Bitfarms, a move contested by Kerrisdale Capital. Riot aims to exert influence on Bitfarms' operations and governance, as indicated by its plan to call a special meeting and nominate directors.

Company Information

Company

Riot Games Korea Ltd

Location

12333 West Olympic Boulevard

About

Riot Games Korea Ltd. is a subsidiary of Riot Games, responsible for operating the popular video game League of Legends in Korea. The company focuses on creating and promoting esports events, providing a global platform for competitive gaming. Riot aims to enhance player engagement through innovative experiences and community interactions.

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M&A Insights

Based on deal data

Integration timeline

70% of M&A integrations take 12-24 months to complete

Tech stack consolidation

83% of merged companies consolidate technology vendors within first year

Post-acquisition investment

Companies increase IT spending by 23% on average after acquisitions

Success factor

M&A deals with strong technology integration plans are 2.5x more likely to succeed

Riot Platforms acquires 12% stake in Bitfarms despite Kerrisdale Capital's shorting pressure

Description

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Company Information