CVC Capital Partners has agreed to acquire a majority stake in Dream Games, the Istanbul-based mobile gaming studio behind Royal Match, in a transaction that values the business at approximately $5bn, according to a report by Reuters citing sources familiar with the matter.
The investment will see CVC buy out the company’s early venture capital backers, becoming the sole equity partner. The deal, which also includes debt financing led by funds managed by Blackstone and other institutional lenders, remains subject to customary regulatory approvals and is expected to close in Q3 2025.
Dream Games and CVC have not disclosed the financial terms or the size of the stake acquired.
In a joint statement, 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.
