Latham leads on Gaming Deal

In Short: CVC Capital Partners is levelling up its portfolio with a reported $2.5 billion strategic investment in mobile gaming unicorn Dream Games, the creator of smash-hit puzzle app Royal Match.

What is the deal?
Private equity heavyweight CVC is injecting capital into Dream Games, replacing the company’s original venture capital backers after five years. The Turkish-British gaming studio is best known for Royal Match, which it claims is the world’s top-grossing puzzle game. With CVC now as its sole equity partner, Dream Games plans to grow its “Royal Universe” with more titles and spin-offs. The deal also includes debt financing from Blackstone-managed funds and others, creating a multi-layered structure blending equity, debt, and exit liquidity for earlier investors. The transaction is set to close in Q3 2025, pending regulatory approvals.

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