Tencent in talks to buy Playtika's SuperPlay in deal worth up to $1.5B
What's the deal? Playtika is in talks to sell Israeli game developer SuperPlayDealroom has a profile for this one. Try Dealroom → to Chinese technology giant Tencent in a transaction valuing the studio at between $1 billion and $1.5 billion, Calcalist has learned. The sale would part Playtika with its most valuable asset less than two years after buying it.
Why now? Playtika said in Q2 2026 that it was exploring strategic alternatives for its business. The move is driven by its balance sheet: the company faces roughly $2.3 billion in debt maturities in 2028 and 2029, much of it raised during the near-zero interest rate era and now costly to refinance.
The paradox: SuperPlay's success has become a financial burden. Playtika bought the studio in November 2024 for $690 million in cash, plus an earnout worth up to $1.25 billion tied to performance through 2027.
As SuperPlay outperforms, that obligation keeps growing. The studio generated $573 million in revenue in 2025 — about 67% above the earnout baseline — driven partly by a DisneyDealroom has a profile for this one. Try Dealroom →-branded Solitaire game estimated to bring in $300 million a year.
By the numbers: Playtika raised its estimate of future contingent payments to $734 million in its 2025 annual report, then to $829 million in first-quarter 2026 results. The revaluation helped push the company to a net loss of about $309 million in the fourth quarter of 2025.
What's the endgame? Industry sources say Tencent's price would not include the earnout; instead, the Chinese company would assume those payments. That would relieve Playtika of a liability that could reach hundreds of millions of dollars and strengthen its balance sheet.
What could go wrong? The sale reverses Playtika's own strategy. SuperPlay was meant to diversify the company beyond social casino into faster-growing casual gaming — now it may part with the centerpiece of that plan.
The signal: The deal shows how earnout structures can turn a winning acquisition into a liability, and how debt-heavy gaming firms are reshaping portfolios as cheap money disappears. For Tencent, it is a chance to absorb a fast-growing studio that its own seller can no longer afford to keep.
Read more: Calcalist
