AppLovin Corporation agreed to acquire Machine Zone, Inc. on May 14, 2020. Collaboration will begin now and will eventually include AppLovin moving its headquarters a mile away to the Machine Zone office in Palo Alto. The transaction is subject to to approvals. Nicholas Tuosto of LionTree Advisors, LLC acted as exclusive financial advisor to AppLovin. Michael Esquivel, Kris Withrow, David Michaels, Shawn Lampron, Marshall Mort, Monica Zwolinski, Anna Suh, Ralph Pais, Mark Ostrau, Brent Hoard and William Skinner of Fenwick & West LLP acted as legal advisors to AppLovin. Houlihan Lokey, Inc. (NYSE:HLI) acted as financial advisor to the board of directors of Machine Zone, Inc. Eric M. Krautheimer and Rita-Anne O'Neill of Sullivan & Cromwell LLP acted as legal advisor to Houlihan Lokey, Inc.

AppLovin Corporation completed the acquisition of Machine Zone, Inc. for an aggregate acquisition price of approximately $330 million on May 19, 2020. Under the terms, AppLovin paid $287.1 million cash to Machine Zone lenders, common stock warrants issued to Machine Zone lenders and preferred stockholders with the aggregate fair value of $38.2 million and a settlement of the preexisting accounts receivable balance of $3.3 million. Upon completion, Jerome Turnbull joined AppLovin Corporation as director of media buying.