05:25 PM EDT, 06/11/2024 (MT Newswires) -- Playstudios ( MYPS ) said Tuesday it agreed to buy almost 11.7 million of its class A common shares held by Microsoft ( MSFT ) for $2.11 a share, or $24.6 million.

The buyback with cash on hand is expected to reduce the outstanding common stock by 8.6%, the company said.

Shares of Playstudios ( MYPS ) rose 7% in recent after-hours trading.

Price: 2.45, Change: +0.16, Percent Change: +6.99