DeNA Buys iOS Game Developer ngmoco For $403 Million

Japanese game developer DeNA has decided to acquire iPhone and iPad game maker ngmoco for $403 million.

According to Reuters, the acquisition will mark DeNA's entry into the US market. DeNA is the game developer behind the popular Mobage-town social game site.

ngmoco, on the other hand, is the firm behind popular iPhone and iPad games like We Rule, GodFinger and We Farm. The company was created by former Electronic Arts employees and also won the iFund contest organised by Apple.

Reuters also reported that the company is currently also developing games for Google's Android platform.

DeNA had recently acquired US game developer Gameview Studios and purchased a stake in Astro Ape Studios.

The Japanese company said that the ngmoco acquisition will help it in becoming "the world's number one social gaming platform" helping it benefit from the "rapid expansion of smartphones in the global mobile phone market".

The deal, which will be closed in November, will involve DeNA paying $303 million in its shares, stock options and cash and additional $100 million.