Sega Corp. has agreed to pay about $776 million for Rovio Entertainment, the Finland-based maker of the “Angry Birds” game franchise. The move aims to help Sega establish a presence in mobile gaming while launching Rovio IP in the PC and console markets. The tender offer — equivalent to about $10.15 per share — was issued from Sega’s wholly-owned UK subsidiary Sega Europe Ltd. and parent company Sega Sammy Holdings. Sega, based in Japan, has as part of its mid-term plan earmarked $1.8 billion for expanding its global presence and “exploring new ecosystems” through 2026.

The offer represents a 19 percent premium over Rovio’s Friday closing stock price. Sega Sammy was formed in 2004 by the merger of Sammy Corp., a Japanese slot-machine company, and Sega Corp.

“The combined company offers a range of entertainment products including arcade games, toys and animated video content,” The Wall Street Journal reports.

“Sega said it expects the Rovio acquisition to accelerate its expansion into the gaming sector by taking advantage of the companies’ combined fan bases,” notes WSJ.

Launched in 2009, Rovio says “Angry Birds” is the first mobile game to have been downloaded 1 billion times and as of last year passed five billion downloads across all titles. That translates to roughly $1.8 billion in worldwide consumer sales, according to Data.ai.

While Rovio, which went public in late 2017, has leveraged the success of “Angry Birds” through sequels, TV shows and two feature films, its attempts at new IP never managed to replicate the success of “Angry Birds.” As that franchise “was eclipsed by newer entrants, the company became susceptible to a takeover by a bigger rival,” WSJ writes.

Sega Sammy president and group CEO Haruki Satomi said in an announcement that with global gaming expected to hit $263.3 billion by 2026, “the mobile gaming market has especially high potential, and it has been Sega’s long-term goal to accelerate its expansion in this field.”

The Verge calls that “a similar aim to what Sega’s rival Nintendo has been doing with its franchises, with smartphone releases like ‘Mario Kart Tour,’ ‘Pokémon Go,’ and ‘Super Mario Run.’”