Istanbul-based mobile game developer Dream Games is reportedly in negotiations to raise US$2.5 billion through a mix of debt and equity.

This financing, led by Goldman Sachs Group Inc., could value the company at nearly US$5 billion, nearly doubling its valuation since 2022.

The firm aims to secure about US$1.25 billion in debt from private credit lenders and a similar sum in equity capital.

The funds are anticipated to facilitate the buyout of current external investors, including notable venture capital firms.

Founded in 2019, Dream Games gained recognition with its initial title, Royal Match, a free-to-play puzzle game featuring in-app purchases.

This game became the highest revenue-generating smartphone game in 2023, surpassing Candy Crush, and ranked third worldwide for in-app purchases.