NEW YORK (TheStreet) -- Shares of Zynga are soaring on Friday after the Internet game company said it will buy U.K.-based game developer NaturalMotion for about $527 million in cash and equity. NaturalMotion is behind popular games including "Clumsy Ninja" and "CSR Racing". Zynga also plans to cut 314 employees, or 15% of its workforce, in effort to reduce costs and streamline its operations, according to a blog post by CEO Don Mattrick. Zynga, which makes games like "FarmVille" and "Mafia Wars," that are mostly played on desktop and laptop computers, has been struggling as more gamers turn to smartphones and tablets. The NaturalMotion acquisition will also give Zynga acess to its game engine Euphoria on mobile platforms.
Written by Brittany Umar in New York.