Gaming giant Zynga’s shares climbed by 7.7% – its highest level in eight years – in U.S. trading on Monday after the mobile game maker said it would acquire the Istanbul-based gaming company, Peak, for $1.8 billion.
The company’s shares shot up 51 cents to $9.66 after it raised revenue forecasts for the year from $1.65 billion to $1.69 billion.
On Monday, Zynga, the creator of "Farmville," confirmed that it has struck a deal to buy Turkish mobile game developer Peak for $1.8 billion, the largest acquisition by the company to date.
Founded in 2010 and based in Istanbul, Peak has made a name for itself with smartphone games such as "Toon Blast" and "Toy Blast."
The purchase is expected to increase Zynga's number of active daily users by about 60%. The U.S.-based company intends to pay half the purchasing price in cash and half in its own company shares.
The acquisition is set to be completed in the third quarter.
