The Walt Disney Company has agreed to acquire online social gaming company Playdom Inc as it develops its digital gaming portfolio and uncovers new channels to reach consumers.

Playdom shareholders will receive total consideration of $563.2m subject to conditions, as well as a performance-linked earn-out of up to $200m.

The company, which owns 15 game development studios and titles like Social City,Sorority Life, Market Street and Bola, engages an estimated 42m active players each month. It will continue to be based in Mountain View,

Playdom CEO John Pleasants will become an executive vice-president of the Disney Interactive Media Group (DIMG) and general manager of Playdom, reporting to DIMG president Steve Wadsworth.

“We see strong growth potential in bringing together Playdom’s talented team and capabilities with our great creative properties, people and world-renowned brands like Disney, ABC, ESPN and Marvel,” The Walt Disney Company president and CEO Bob Iger said.

“This acquisition furthers our strategy of allocating capital to high-growth businesses that can benefit from our many characters, stories and brands, delivering them in a creatively compelling way to a new generation of fans on the platforms they prefer.”

“We are at the start of a once-in-a-generation opportunity to transform the way people of all ages play games with their friends across devices, platforms and geographical boundaries,” Pleasants added. “Disney is an incredibly forward-thinking company that shares our vision and is the ideal partner to further our mission to bring great entertainment to people around the world.”