Today Japan's Sega Sammy Holdings Incorporated declared its intention to fully acquire Finnish development studio Rovio Entertainment Oyj in a buyout valued at a cool $776 million. The Helsinki-based developer, responsible for creating the Angry Birds video game franchise, has agreed to Sega Sammy's terms - and Rovio share values have climbed as a result of this announcement. The deal is expected to be finalized in the late summer or early autumn of this year, and signals an ambition on Sega's part to gain prominence in the mobile gaming world. Rovio had previously turned down a proposed takeover by Playtika - an Israeli company specializing in digital entertainment - for $735 million, late last month.

Angry Birds was the first mobile game to be downloaded one billion times, according to figures released by Rovio, so Sega has acquired a solid intellectual property that has also expanded into the movie world (two animated features) and endless merchandising avenues (toys, clothing and other accessories). Commenting on the buyout, Haruki Satomi, President and Group CEO, Representative Director of Sega Sammy Holdings Inc. said: "Among the rapidly growing global gaming market, the mobile gaming market has especially high potential, and it has been Sega's long-term goal to accelerate its expansion in this field."