By Renae Reints
July 23, 2018

PAI Partners, a European private equity group, is in talks to buy Asmodee, the French gaming company behind the vastly popular strategy game Settlers of Catan, according to a Financial Times report.

Asmodee—also known for the diplomatic panda-feeding game Takenoko and train adventure game Ticket to Ride—was bought by another equity group, Eurazeo, for €143 million in 2014. The Financial Times estimates the deal with PAI Partners could amount to €1.2 billion, or about $1.4 billion, including debt.

Under Eurazeo, Asmodee has expanded into international markets, with operations in Europe, North America, and China. Its revenue grew 17% last year to €442 million.

The new owners are expected to broaden Asmodee’s reach into the digital world, with products in Apple’s App Store and Google Play. The company could follow a strategy similar to that of its peers—from Activision Blizzard to Lego—by developing movie or comic franchises to accompany its games.

The deal is expected to close Friday.

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