The Ledger
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Kurgan: King sold to Activision at a 5-6x EBITDA multiple
“We sold at a very low multiple. We sold a company at, you know, 5.9, or it's all about six billion dollars with and there was 1.3 billion of cash on the balance sheet when we sold. So the effective multiple was, you know, five or six times EBITDA.”
Kurgan: King generated nearly $1 billion in EBITDA pre-IPO
“We made almost a billion dollars of EBITDA the year before IPO”
Kurgan: King reached 540 million peak players and eight million spenders
“So at the peak we had five hundred and forty million players, and we had a huge number of spenders. We had seven or eight million spenders.”
Kurgan: King's largest investor held 40% of shares post-IPO
“It was very difficult to do that with King because we were trading below IPO price, and because our largest institutional investor had 40% of the shares, and it was, you know, they just couldn't sell it down, and selling it down, you know, it would have driven…”
Console game companies trade at 12-14x EBITDA; mobile trades at 5-6x
“When I look at the EBITDA, you know, the trading multiples of the traditional console gaming industries, they're trading at, you know, 12 to 14 X EBITDA. And then you have the mobile gaming companies like, you know, King, for example, got sold for five X EBITD…”