Playstudios to purchase 11.6M shares of its common stock owned by Microsoft

PLAYSTUDIOS (MYPS) announced the company has entered into an agreement to purchase the 11,677,398 shares of the Company’s Class A common stock held by Microsoft Corporation (MSFT). Shares will be purchased at a price of $2.11 per share and funded with available cash. Total consideration paid by PLAYSTUDIOS will be $24.6 million. The repurchase will reduce the number of shares of the Company’s outstanding common stock by approximately 8.6%.