King Digital Entertainment launched with an IPO price of $22.50 in March 2014 which later dropped to $11.25 in October 2014.

Activision Blizzard Inc (ATVI.O) late Monday night said it will acquire the creator of “Candy Crush Saga”, King Digital Entertainment (KING.N) in a deal worth $5.9 billion strengthening its position in the mobile gaming industry.

Activision announced it will pay $18 per share in cash (a 16 percent premium to the closing price of 15.54).

Activision said in a statement this “creates one of the largest entertainment networks with over half a billion monthly active users in 196 countries”.

The company owns some of the most popular game franchises in the world including World of Warcraft Call of Duty and Diablo and the acquisition now creates a combined portfolio which encompasses 10 of the world’s most iconmic interactive entertainment franchises according to Activision.

Video game publishers are now moving focus onto the digital mobile development business which is one of the fastest growing niches of the gaming industry. The combination of King’s mobile gaming business will place the business as a global leader in interactive entertainment across mobile, console and PC platforms, Activision said.

King, which is the largest publisher of games on Facebook and employs 1400 people, will remain an independent unit headed by Chief Executive Riccardo Zacconi, Chief Creative Officer Sebastian Knutsson, and Chief Operating Officer Stephane Kurgan, the companies said in a statement.