Press release content from Business Wire. The AP news staff was not involved in its creation.
SAN FRANCISCO–(BUSINESS WIRE)–May 28, 2019–
Today,Zynga Inc.(Nasdaq: ZNGA), a global leader in interactive entertainment, announced the company has entered into sale and leaseback agreements with an affiliate of Beacon Capital Partners, LLC, an American private real estate investment firm based in Boston, Massachusetts, for its San Francisco headquarters building. Zynga will leaseback space within the building and remain headquartered in San Francisco.
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Zynga Headquarters in San Francisco, CA (Photo: Business Wire)
Zynga expects to receive a net cash benefit of approximately $600 million in 2019. In 2012, under Mark Pincus’ leadership, Zynga purchased the building for $234 million.
“We are proud to operate Zynga’s headquarters from San Francisco, which is home to many of our talented studio and business teams,” said Frank Gibeau, Chief Executive Officer at Zynga. “Zynga’s building sale delivered a strong return, and we look forward to investing the proceeds into future growth.”
This announcement does not result in any changes to Zynga’s Q2 2019 financial guidance. The closing of the sale of the building is expected to take place before the end of July 2019.
About Zynga Inc.
Zynga is a global leader in interactive entertainment with a mission to connect the world through games. To date, more than one billion people have played Zynga’s franchises includingCSR Racing™,Empires & Puzzles™,Merge Dragons!™,Words With Friends™ andZynga Poker™. Zynga’s games are available in more than 150 countries and are playable across social platforms and mobile devices worldwide. Founded in 2007, the company is headquartered in San Francisco with locations in the U.S., Canada, U.K., Ireland, India, Turkey and Finland. For more information, visitwww.zynga.comor follow Zynga onTwitterandFacebook.
This press release contains forward-looking statements regarding the expected real estate sale and future events. Statements including words such as “anticipate,” “believe,” “estimate” or “expect” and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from those set forth in the forward-looking statements. Please refer to Zynga’s latest SEC filings for a discussion of important factors that could cause actual events or actual results to differ materially from those discussed herein. These forward-looking statements speak only as of the date of the press release; Zynga assumes no obligation to, and does not necessarily intend to update these forward-looking statements.
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CONTACT: Investor Relations:
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ENTERTAINMENT ELECTRONIC GAMES TECHNOLOGY INTERNET SOFTWARE MOBILE ENTERTAINMENT
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PUB: 05/28/2019 08:30 AM/DISC: 05/28/2019 08:30 AM