Gaming giant Unity buying IronSource for $4 billion

Details: IronSource shareholders will own around 26.5% of the combined company, with each share valued at $4.33 as of yesterday's closing price for Unity. That's a 94% premium for IronSource shares, but 65% lower than where they were trading last September.

• Existing Unity shareholders Silver Lake and Sequoia will buy a combined $1 billion of Unity convertible notes at merger close.

The bottom line: Unity is basically Epic without a game (Fortnite) of its own, and has been a voracious acquirer. But it's struggled recently due to mobile ad tech challenges, which is an area where IronSource could help. The timing also could frustrate Unity’s workforce who were hit with hundreds of layoffs, or 4% of its workforce, just two weeks ago.

• Go deeper: Unity has big goals beyond games